Jul 18, 2023 - Business
Analysis: Richmond is Virginia's hub for startups
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Richmond has the second-highest rate of new business license applications in the state in 2022, according to new Census Bureau and IRS data.
Why it matters: New business applications are an important measure of an area's perceived economic health.
- If lots of people are trying to start new companies in a given city, it's a sign that they're bullish on the area's prospects, report Axios' Alex Fitzpatrick and Kavya Beheraj.
By the numbers: The city saw 23.2 new business applications per 1,000 residents in 2022.
- Richmond came in just behind Petersburg, which took the top spot with 23.9 applications per 1,000 residents.
Zoom out: The metro area as a whole, which includes both cities, only came in 36th nationally.
Yes, but: We still edged out Hampton Roads, which came in 38th.