Limestone County (AL) Economic Development Association’s Post

“The Midwest and Mountain West are America's latest new-business hotspots, Alex and Alice Feng report. Driving the news: Colorado (+115%), North Dakota (+37.7%) and Iowa (+33.7%) had the highest year-over-year change in new business applications between December 2022 and December 2023, per seasonally adjusted Census Bureau data. Georgia (-9.9%), Louisiana (-8.6%) and Mississippi (-6.4%) had the largest decline in growth. The big picture: Nationally, new business applications rose 7.4% between December 2022 and December 2023. Why it matters: Business formation rates are an excellent indicator of economic sentiment — few people try to start a company when they foresee bad times ahead. Breaking down this data state by state can offer a regionalized barometer of economic sentiment across the country. The intrigue: Many of the emerging new-business hotspots have also seen recent population spikes. That makes sense — more people, more business opportunities. Of note: Colorado temporarily lowered the cost of filing for a new business from $50 to $1 between mid-2022 and mid-2023 — in line with a broader billion-dollar statewide push to encourage new business creation and draw existing employers to the Centennial State. Meanwhile: New businesses with women, Black, Latino, Asian and LGBTQ owners all rose year over year in January-July 2023 compared to the same period in 2022, Axios Closer's Hope King reports from separate Yelp data. Yes, but: New business applications can only capture the financial mood among Americans with the means to start a company. Those less well-off likely have a less rosy view of things. Many younger Americans, for example, are stressed out about their finances, while renters are much more likely to say they're in bad financial shape compared to homeowners, per recent findings from our ongoing Axios Vibes/Harris Poll surveys. Plus: Just because somebody files paperwork to start a business doesn't mean that enterprise ever gets off the ground and hires people, of course. Still, when looking only at businesses that the Census Bureau identifies as having a high chance of employing people, new business applications were up 10.3% nationally between December 2022 and December 2023. The bottom line: Looking for signs of American optimism? Go West.” —Axios

If you are trying to keep up with New Business trends, there is some very interesting information in here for you!

Where are new businesses starting right now? Not the places you might think! According to data from the Census Bureau, Colorado, North Dakota and Iowa had the highest year-over-year change in new business applications between December 2022 and December 2023. Overall, new business applications rose 7.4% nationally (and looking at businesses that have a high chance of employing multiple people, apps were up 10.3%). Given that, generally, people don't start businesses when they feel the economy is going to be bad, the increase in apps seems to be a sign that faith in the economy is strong. https://lnkd.in/eBMhfqEY

MARCH NEW BUSINESS REGISTRATIONS COME IN AT 435,629 The US Census Bureau's Business Formation Statistics show that while still seeing an impressive number of New Business Applications, YOY formations are down 5%. 3 of the 4 Census Bureau region posted declines, while the Midwest region posted a modest 0.9% growth over last year. While only adding 1,400 new businesses in March, New Hampshire posted almost 21% growth over last year. In all, 29 states saw YOY declines with California down 17%, Texas down 5.6% and Florida down 5.5%. Is this a blip in what has been a dramatic run for New Business Formations, or has the Post-Pandemic surge finally reached its peak? Let us know what you think in the comments below. Be sure to keep an eye on this page for future updates! #NewBusiness #BusinessApplications

#MinorityBusinesses! Black-Owned Business is Booming! Top 6 Largest Black-Owned Businesses in America. The number of Black-owned businesses in America has increased since the COVID-19 pandemic, according to the U.S. Census Bureau Annual Business Survey. 

In assigning, scheduling, and routing your mobile workforce, what costs can be easily avoided? How much money are you leaving on the table? How much can you increase productivity? Learn more about the transformative impacts of #optimization, including an inspiring video by the US Census Bureau: https://lnkd.in/ePRdRY6i Steve Sashihara Irv Lustig Patricia Randall Keith W. Dierkx

Commission is your biggest and most expensive incentive. Don't work in the dark and find yourself fighting to attract or retain talent, unwillingly overpaying or just implementing something which doesn't actually incentivise. Join our census webinar to see how your business compares, as well as benefitting from the valuable insights from our panel of industry thought leaders.

Big news! According to the 47th annual national movers' study by United Van Lines, Alabama is one of the top states in the country for in-migration. The study, which examines migration patterns in the U.S. based on the company's operations, places Alabama among the top 10 destination states, with more households moving in than out. This aligns with Census data, revealing an increase of over 30,000 residents through domestic migration and an additional 5,000 through international migration, bringing Alabama's total population to 5.1 million. United Van Lines reports that nearly 60% of the 2,114 Alabama-related moves in 2023 were households moving into the state, earning Alabama the eighth spot among the 48 contiguous states and Washington D.C. Alabama has consistently been classified as a "high inbound" state for the past five years, with more than 55% of moves heading into the state. 🚚 Alabama's transformation into a high inbound state is attributed to various factors, including an influx of moves since the pandemic, cost of living, closer proximity to family, and retirement. Remote work opportunities, which allow individuals to maintain their jobs while relocating, have also played a significant role. 🏢 Several cities witnessed high rates of inbound moves in 2023, including Dothan, Mobile, Montgomery, and Huntsville. According to United’s report, there is a broader trend of Americans moving to more affordable and lower-density areas in the East and South, with Southern states gaining in popularity. Factors such as housing prices, climate, and job growth are identified as key influencers in relocation decisions. Among those moving into Alabama in 2023, over 30% cited job-related reasons, more than 25% moved for family reasons, and nearly 13% relocated to retire. The majority of new arrivals were aged 65 or older, making up slightly over 30% of the total moves, followed by 28% in the 55-64 age range. Additionally, almost 46% reported annual household incomes of $150,000 or more, while nearly 32% had incomes of $75,000 or below.

"The highest-ranking leaders at America's state transportation and highway departments are vastly more likely to be white and male than their constituents — and the needs of the marginalized will be under-represented until leadership is more representative, advocates say. According to the latest HR data from the American Association of State Highway and Transportation Officials, the highest-ranking executives responsible for many of America's roadways were 70.9 percent male and 85.3 percent white, excluding those who identified as Hispanic or Latino. The U.S. population, by contrast, was 49.6 percent male and 58.8 percent non-Hispanic white in the year the survey was conducted, according to the census." https://lnkd.in/dY6iVcs6