Maine Ranks Fourth in Nation for Small Business Success
ValuePenguin's small business analyst Mr. Justin Song looked at multiple data points from the US Census Bureau and the Small Business Administration to rank states where small businesses will succeed (or not). With a recent collection of data from the US Census Bureau and the Small Business Administration, business analyst Justin Song of ValuePenguin found Maine the be the fourth best state in the country for small businesses. We come in behind Montana, Rhode Island, and Florida. The overall ranking is based on its competitiveness in the following categories:
Small Business Birth Rate: Maine ranked 7th with a birth rate of 120%, which means there are 20% more small businesses being opened versus those shutting down.
Exports Owned by Small Businesses: Maine ranked 8th with 43% of all the state's exports originating from small businesses. What up, lobster fishermen!
Employees Working in Small Businesses: We ranked 5th in this measure, with 58% of our total employed population working for small businesses!
Small Business Survival Rate: Maine ranked 17th in the nation with 68% of small businesses staying open for more than 2 years.
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