Startups are a significant driver of the U.S. economy. Each year, thousands of entrepreneurs launch new businesses that create jobs and spur innovation and efficiency across the market. According to the U.S. Census Bureau, more than 420,000 startups accounted for 2.2 million new jobs in 2018. And Metro Phoenix ranks as one of the hottest spots in the country for innovation, ranking No. 7 among U.S. cities with the most startups.
Unsurprisingly, at the metro level, most of the leading hubs for startup formation are found in the states with the highest levels of startup activity. Many locations in the West and South continue to see strong rates of new business creation and associated job growth. To find out which metros are leading the way, our team of researchers at Roofstock calculated the trailing five-year average startup formation—defined as the number of new firms in a given year divided by the total number of firms. The research team also analyzed the impact of startup activity on job growth.
Visit www.aztechcouncil.org/tech-events to view all of the Council’s upcoming virtual tech networking opportunities, engaging virtual tech events and in-person tech events.