Top 5 States with the Fastest Business Growth in 2021
As the world adapts to the new normal brought about by the COVID-19 pandemic, businesses are also finding ways to thrive in a rapidly changing market. With companies shifting to remote work and e-commerce gaining more prominence, some U.S. states are experiencing a surge in business growth. In this article, we’ll explore the top 5 states with the fastest business growth in 2021.
1. Utah
Utah has consistently ranked as one of the top states for business growth over the past few years, thanks to its low unemployment rate and a supportive business environment. According to a recent report by WalletHub, Utah ranks first in the nation in terms of economic potential and fourth for business costs. The state has been successful in attracting some of the biggest tech companies, including Adobe and Microsoft. Utah also has a highly educated workforce, with 92% of the population holding a high school degree or higher.
2. Texas
Texas is another state that has seen tremendous business growth in recent years. The state’s pro-business policies have attracted numerous companies from various industries, including technology, healthcare, and energy. Texas is home to many Fortune 500 companies, such as ExxonMobil and AT&T, and has a GDP of over $1.8 trillion. Additionally, Texas is one of the few states with no personal income tax, making it an ideal location for entrepreneurs to set up shop.
3. Florida
Florida is a state known for its warm weather and sunny beaches, but it’s also one of the fastest-growing states when it comes to business growth. Florida’s low corporate tax rate has made it an attractive destination for companies seeking to expand or relocate. In recent years, the state has seen an influx of tech startups and has become a hub for the fintech industry. Companies like Magic Leap and Chewy call Florida their home, and the state has a GDP of over $1 trillion.
4. Nevada
Nevada has seen a surge in business growth over the past few years, thanks in part to its thriving tourism industry. The state is home to some of the biggest resorts and casinos in the world and has seen an uptick in the number of tech companies setting up shop. Companies like Apple and Tesla have invested in Nevada, and the state has a GDP of over $170 billion. Additionally, Nevada has no personal income tax and a relatively low corporate tax rate.
5. Tennessee
Tennessee is a state that’s often overlooked when it comes to business growth, but it’s one of the fastest-growing states in the country. The state’s central location and low costs of living and doing business have attracted numerous companies. Tennessee has a thriving automotive industry, with companies like Nissan and Volkswagen having a significant presence in the state. Additionally, Tennessee’s healthcare and logistics industries are also growing at a rapid pace, and the state has a GDP of over $390 billion.
In conclusion, these five states are leading the charge when it comes to business growth in 2021. If you’re an entrepreneur looking to start or expand your business, these states are definitely worth considering. With their supportive business environments, low tax rates, and highly educated workforces, they offer an ideal setting for businesses to thrive and succeed.
