Miami leads the country in new business applications
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Almost 41 new business applications per 1,000 residents were filed across the Miami/Fort Lauderdale/West Palm Beach metro area in 2022, per new Census Bureau and IRS data.
- That's down 7.5% from 2021.
Why it matters: Despite the decline, our 251,242 total new business applications still led the country last year.
- New business applications are an important measure of an area's perceived economic health. If lots of entrepreneurs are trying to start new companies in a given city, it's a sign they're bullish on the area's prospects.
Context: The word "startup" tends to evoke buzzy Silicon Valley tech ventures. But young companies of all stripes, from stores and restaurants to software and manufacturing firms, play a big economic role.
The big picture: Just over 5 million new business applications were filed nationwide in 2022, or 15.1 for every 1,000 residents.
- That's down about 6.6% from 2021, when nearly 5.4 million applications were filed nationwide, or 16.2 for every 1,000 residents.
Zoom in: Atlanta/Sandy Springs/Roswell (31.3) took the second spot and Orlando/Kissimmee/Sanford (28.7) took the third for major metro areas as ranked by new business applications per 1,000 residents in 2022.
- The only area outside the Southeast making the top 10: Provo/Orem, Utah, at 23.3.
Between the lines: Many of the hottest spots for new business applications also have booming populations, as economic growth and population increases tend to go hand in hand.
- A filed application is no guarantee of a healthy, thriving business to follow — but at the very least it's a sign of economic optimism.