DFX Intelligence Observatory

Business formation against real economic growth, by state

  1. Florida+28.5%
  2. Arizona+26.7%
  3. Texas+26.0%
  4. Idaho+25.2%
  5. Utah+24.9%
  6. Montana+23.2%
  7. Washington+21.9%
  8. Tennessee+21.4%
  9. New Mexico+20.4%
  10. North Carolina+20.1%
  11. South Carolina+20.0%
  12. Nevada+19.8%
  13. Colorado+19.4%
  14. Arkansas+18.4%
  15. Nebraska+17.8%
  16. Maine+17.1%
  17. Delaware+17.0%
  18. Alabama+15.7%
  19. Virginia+15.3%
  20. New Hampshire+14.7%
  21. Georgia+14.4%
  22. California+14.1%
  23. Indiana+14.0%
  24. Massachusetts+13.7%
  25. Mississippi+12.7%
  26. Missouri+11.4%
  27. South Dakota+11.4%
  28. New Jersey+11.2%
  29. New York+11.1%
  30. Oregon+10.9%
  31. Iowa+10.8%
  32. Vermont+10.7%
  33. Kentucky+10.1%
  34. Minnesota+9.8%
  35. Alaska+9.8%
  36. Kansas+9.2%
  37. Michigan+9.2%
  38. Ohio+8.9%
  39. Maryland+8.4%
  40. Wisconsin+7.9%
  41. West Virginia+7.8%
  42. North Dakota+7.0%
  43. Oklahoma+6.7%
  44. Rhode Island+6.7%
  45. Illinois+6.5%
  46. Connecticut+6.5%
  47. Pennsylvania+6.1%
  48. Hawaii+6.0%
  49. Louisiana+5.4%
  50. District of Columbia+4.9%
  51. Wyoming+3.7%

Source: U.S. Bureau of Economic Analysis, Regional Economic Accounts (SAGDP9), with U.S. Census Bureau Business Formation Statistics. Retrieved August 24, 2026. Analysis by DFX Intelligence.

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