Utah is among the nation's hot spots for new business
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Utah's new business applications shot up after the onset of the COVID-19 pandemic, with the Wasatch Back leading the state.
Why it matters: Small businesses are a cornerstone of the U.S. economy, employing tens of millions of Americans.
By the numbers: Utahns filed more than 71,000 new business applications in 2023, per the U.S. Census Bureau — about 20.9 for every 1,000 residents.
- That's the sixth-highest rate of the 50 states.
- Most of Utah's counties exceeded the national average of 16.3, with Summit County logging the state's highest rate at 34.1.
- Its neighbor Wasatch County was close behind, along with Daggett, at 29.8.
Zoom in: In Salt Lake County, there were 22.6 applications per 1,000 residents, with 26.7 in Utah County and 16.6 in Davis and Cache.
- Along the Wasatch Front, only Weber and Box Elder fell below the national average.
Zoom out: The Mountain West and Southeast U.S. were hot spots for new business applications.
- The highest rates of new business applications last year were in Wyoming, Delaware and Florida.
- The first two are perennial new business favorites for legal and tax reasons.
The big picture: Nationally, about 1.8 million of 2023's 5.5 million new businesses are highly likely to hire workers, per the bureau.
The intrigue: Colorado Secretary of State Jena Griswold recently told state lawmakers that fraudulent business filings have been increasing rapidly across the country in the years since the pandemic.
- Often, filings duplicate existing legitimate businesses in an attempt to use them as cover for fraudulent activity.
Stunning stat: Nearly 85% of consumers say they'll probably shop at a small business this holiday season, a new American Express survey finds, up 11 points over the last decade.
Reality check: Filling out the paperwork for a new firm is just one step, but it's at least a sign of confidence that small business success is possible.