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Georgia tops the list for the best state for business growth
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Virginia and Arizona follow in second and third place, respectively
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Washington is the worst state for business growth
New research has revealed the best states for business growth, with Georgia taking the top spot.
Business consulting firm Venture Smarter analyzed data from the U.S Bureau of Labor Statistics to discover the business growth rate in each state based on the number of establishments in December 2021 compared to December 2022.
Rank |
State |
Business growth rate |
1 |
Georgia |
13.50% |
2
|
Virginia
|
10.50%
|
3
|
Arizona
|
10.40%
|
4
|
Montana & Vermont
|
10.20%
|
5
|
Michigan
|
9.80%
|
6
|
South Carolina
|
9.60%
|
7
|
North Carolina
|
9.20%
|
8
|
Colorado & Hawaii
|
9.10%
|
9
|
Idaho
|
8.90%
|
10
|
Utah
|
8.40%
|
Top of the list is Georgia, with a business growth rate of 13.50%. In December 2022, there were 397,515 business establishments compared to 350,189 in December 2021. Corporate income tax is set at a reasonable rate of 5.75% in Georgia, with the state also offering job tax credit to reduce corporate tax liability for eligible businesses.
In second place is Virginia, which witnessed a business growth rate of 10.50%; the number of businesses increased from 305,345 in December 2021 to 337,394 one year later. The state offers many small business incentive programs, including the Virginia Enterprise Zone, which has many benefits, from tax exemption for rehabilitated structures to tax credits for creating employment.
Arizona is in third place with a business growth rate of 10.40% after seeing the number of business…
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