Analysis Finds Entrepreneurship is Thriving in Mountain West Regions, Especially in Rural Areas

Entrepreneurial spirit is thriving in rural Mountain West, according to. new index Announced by e-commerce company Shopify. Data is captured when a new business application is created. on the rise Nationwide.

Shopify partners with professional services company Deloitte calculate Impact on gross domestic product, jobs supported and other economic impacts of entrepreneurs in the network. The final product was a national and state ranking system within the United States, with Mountain West being the best performing region on the index.

“These states aren’t necessarily considered to have more obscure or incredible business activity than California or New York, but in that regard, they’re doing great. said Shopify President Harley Finkelstein. “Nearly a third of his entrepreneurs are building businesses outside of major cities.”

Five states in Mountain West—Wyoming, Montana, Utah, Idaho, and Nevada—ranked in the top 10 for entrepreneurial economic impact. In Wyoming, jobs were supported, gross domestic product impact, and entrepreneurship-generated business all increased by about 12% between 2021 and 2022. Exports increased by almost 32%.

Finkelstein said business-friendly incentives in rural areas, streamlined patent and regulatory processes, and improved access to technology are making entrepreneurship more accessible even in smaller communities.

“Amazing tax exemptions for business owners, low energy costs, low operating costs and a highly educated workforce all create the necessary ingredients for further entrepreneurship,” he said.

The Midwest region also performed well in Shopify’s index, with several contiguous states including California and Florida still ranking well. Finkelstein said one of the constant themes across the country since the pandemic is people’s growing desire to shop locally.one investigation We found that 70% of consumers support small businesses in their region.

“Local dry cleaners, local nail salons, local breweries, these are the things that give our cities character,” Finkelstein said. “I think we as consumers have changed the way we think about our purchases and now vote with our wallets.”

Mountain West is home to many small businesses like Buffalo, Wyoming. mountain meadow woolagain hemp texture Idaho – Continues to grow.

This article was originally published by Wyoming Public Media, Nevada Public Radio, Boise Idaho Public Radio, KUNR, Nevada, Rocky Mountain West O’Connor Center, Montana, KUNC, Colorado, and KUNM, New Mexico. It has support from affiliates across the region. A portion of the Mountain West News Bureau’s funding is provided by the Public Broadcasting Corporation.

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