The Best States for Small Business Growth: Follow the People

Entrepreneurs who are looking to start a new business may take the amount of population growth in an area into consideration. There are two different kinds of population growth; organic population growth, which is the result of residents being born in a state, and relocation growth, which is the result of individuals moving to a new state.

For overall population growth within the states, North Dakota has had the most significant increase of 7.55%. This is believed to be due to the abundance of natural gas and shale oil energy markets that attracted new residents. According to one of the nation’s leading moving companies, more Americans moved to a new a state in 2013 than in previous years. When looking at a state’s population growth, it is either considered to be inbound or outbound. This is determined by its threshold value, which is the total number of shipments (moves) multiplied by 0.55. For example, in a state where there are 100 moves there must be at least 55 outgoing to be considered outbound. Vermont is another great example to look at, this year they are now considered to be a balanced state which means their outbound or inbound numbers do not exceed their threshold number. 

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Davis & Hodgdon Associates has been assisting individuals and businesses in the Burlington Vermont Metro area for more than 20 years. If you have any questions or concerns please feel free to call 802.878.1963 or email [email protected].

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