SC fifth with over 130% increase in new business

A recent survey shows South Carolina had a 132.5% increase in new business applications over the last 10 years, ranking fifth in the United States.

The study conducted by business formation experts 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.

South Carolina has experienced a 132.5% growth in new business applications between March 2014 and March 2024, increasing from 2,999 to 6,972 in the state – with miscellaneous private and specialized services accounting for the highest proportion of small businesses in the state.

The study found that, as a whole, the number of business applications submitted in the U.S. has increased by a substantial 90.9% over the past 10 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 U.S. national increase, is Wyoming. According to the findings, the state has experienced an immense 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.

Second is Delaware, which has experienced a 233.4% increase – 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.

Montana ranks third, with the study finding that new business applications have increased from 815 in March 2014 to 2,118 in March 2024 – which equates to a 159.9% increase. As the SBA reports that the construction sector is the largest small business industry in the state.

New Mexico ranks fourth as the analysis results show that the state has seen a 150.9% increase – rising from 1,111 to 2,787 submitted applications. Of these businesses, the SBA reports the professional, scientific and tech sectors are the largest in New Mexico.

Rounding out the top 10 states with the highest increase in business applications over the last 10 years, in sequence are North Carolina (125.2%), Mississippi (118.2%), Texas (114.8%), Alabama (114.4%) and Arizona (112.7%).

Despite the study finding that every state did experience a growth in new business applications between March 2014 and March 2024, the research identified that some increases were significantly smaller than the states ranking at the top of the study.

According to the findings, North Dakota has seen the smallest growth in new business applications – seeing only a 14% increase, followed by New York with second least at only a 43.8% increase over the decade. This is less than half the growth seen across the nation. Nevada follows closely with the third-smallest increase at 44.8% growth; Massachusetts and Maryland rank fourth and fifth, experiencing 51.8% and 56.4% increases respectively.

Daniel Island Publishing

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Daniel Island, SC 29492 

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