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.