Despite economic challenges such as rising costs and interest rates, Wyoming has emerged as a national leader in entrepreneurial activity, experiencing the largest percentage increase in new business applications since 2019, Wyoming News Now reports.
According to an analysis by Simply Business using US Census Bureau data, Wyoming saw a 209.8% surge in business applications between 2019 and 2023—the highest growth rate in the nation.
During this period, Wyoming added 39,609 new business applications, jumping from 18,879 applications in 2019 to 58,488 in 2023. This significant growth reflects the state’s business-friendly environment, which includes favorable tax policies, simplified filing requirements, and privacy laws that attract aspiring entrepreneurs.
Across the United States, new business applications have risen sharply in recent years. The economic shifts during and after the COVID-19 pandemic spurred a wave of entrepreneurship, driven by remote work opportunities, digital transformation, and shifting consumer demands. Applications nationwide climbed from an annual average of 3 million in the 2010s to a record 5.45 million in 2023.
While inflation and higher borrowing costs have added financial pressure, entrepreneurs across various industries have turned challenges into opportunities, reshaping local economies in the process. Wyoming’s exceptional growth in new business applications underscores this resilience.
In Wyoming, as in other high-growth states, certain industries stand out for their entrepreneurial activity. Sectors like retail trade, administrative support services, and transportation have seen particularly strong growth. Nationwide, management of companies (including holding companies and corporate offices) experienced an 88% increase in applications from 2019 to 2023, followed by retail trade (85.9%).
Wyoming also shares the spotlight with Delaware, another state known for its pro-business policies. Delaware recorded a 113% increase in business applications during the same period. Southern states like Florida, Texas, and South Carolina also saw above-average growth, benefiting from favorable conditions such as growing populations, lower costs of living, and tax incentives.
Understanding regional patterns in business growth can offer valuable insights for both policymakers and entrepreneurs. High-growth areas like Wyoming demonstrate the potential of supportive environments to foster innovation and economic vitality. These areas often benefit from improved infrastructure, affordability, and community engagement, creating a virtuous cycle of economic development.
With its dramatic rise in business applications, Wyoming is solidifying its reputation as a hub for entrepreneurial activity. The state’s growth not only reflects the adaptability of its residents but also highlights the importance of policies that encourage innovation.
