Delaware ranks second in business applications

Recent research reported that Delaware has seen the second-biggest increase in new businesses over the last ten years.

The study, conducted by   CreditDonkey analyzed the number of business applications submitted in each state in March 2014 and compared this against the number of applications submitted in March 2024, as reported by the U.S. Census Bureau. The percentage increase of these applications was calculated for each state and then ranked accordingly to identify those with the largest growth. 

 Delaware experienced a 233.4% increase in business applications over the last decade – more than double the national average. The number of new applications in the state has increased from 1,338 in 2014 to 4,461 in 2024 – with the highest number of the state’s small businesses found in the professional, science and tech space. Delaware sees a large number of business applications due in part to its popularity for incorporations.

 The study found that the number of business applications has increased by  90.9% nationally overthe past ten years – increasing from 228,193 new applications recorded year-over-year in March 2014 to 435,629 in March 2024. 

 The state with the highest business market growth, with an increase of more than six times higher than the US national increase, is Wyoming. According to the findings, the state has experienced a  616.2% increase in business applications between 2014 and 2024 – increasing from 714 to 5,114 submitted applications. Data from the SBA reveals that the most popular small businesses to establish in Wyoming are in the real estate sector – with an increasing interest in residents leasing properties.  

 Ten states with the largest business market growth

According to the findings,North Dakota has seen the smallest growth in new business   applications of any US state – seeing only a 14% increase in applications compared to March 2014.   This is followed by New York in second, with the study finding a rise in new business applications from 16,708 in March 2014 to 24,032 in March 2024 – but this equates to only a43.8% increase over the decade. This is less than half the growth seen across the nation. 

“The results of the study share an interesting insight into where people have become most interested in starting a business, compared to previous years.As the analysis highlights, the business market in the US has almost doubled over the last ten years– indicating that Americans are becoming increasingly entrepreneurial,” said Anna Ge, director of research for Credit Donkey. “However, setting up a business is not a ‘quick fix’ or something which should be considered lightly – there are many risks involved.For example,a new study published byStatistica revealed that nearly two-thirds of businesses founded between 2013 and 2023 were not still operating by the end of the ten years – highlighting that these risks may lead to serious losses for the entrepreneurs. That being said, for those businesses which survive and consequently thrive, the benefits can be exponential.”