The combination of COVID-19 pandemic-related job losses followed by the Great Resignation has been a boon for the rise of small businesses. A recent report from Intuit found that 83% of people who want to start a business said COVID-19 has accelerated their plans. And based on the report’s findings, Intuit predicted that 17 million new small businesses would be formed in 2022, which would make it a third consecutive record year for entrepreneurship.
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For those looking to start their own business, where you open up shop could be the key to success. To determine the fastest-growing cities for small businesses, OpenPhone analyzed 1,000 cities across the following factors: (1) year-over-year population growth, (2) number of new business formation applications filed in each county, (3) startup survival rate and (4) small business funding from 2019/2020 to 2021. Based on this analysis, these are the top 10 fastest-growing cities for small businesses.
10. Philadelphia, Pennsylvania
- Population: 5,649,300
- Overall score: 8.29
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9. Marietta, Georgia
- Population: 60,867
- Overall score: 8.30
8. Atlanta, Georgia
- Population: 5,449,398
- Overall score: 8.30
7. Bronx, New York
- Population: 1,418,207
- Overall score: 8.34
6. Alpharetta, Georgia
- Population: 67,213
- Overall score: 8.35
5. Minnetonka, Minnesota
- Population: 54,064
- Overall score: 8.40
4. Elk Grove, California
- Population: 174,775
- Overall score: 8.51
3. Folsom, California
- Population: 81,328
- Overall score: 8.54
2. Bentonville, Arkansas
- Population: 54,909
- Overall score: 8.75
1. Apex, North Carolina
- Population: 59,300
- Overall score: 10.00
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All data is sourced from OpenPhone and is accurate as of June 23, 2022.