Louisiana ranks near the top in new business application growth

Louisiana is among the states that have seen the largest growth rate in business applications since 2005, according to a recent analysis from the Federal Reserve Economic Data department.  

From 2005 to 2022, data shows Wyoming, Delaware, Mississippi, Georgia and Louisiana, lead the nation for growth in new business applications adjusted by their populations. 

On the other end of the spectrum, Nevada, New Hampshire, Maine, Minnesota and Massachusetts, posted the lowest growth rates in the number of new businesses relative to 2005. 

Data scientists with the Federal Reserve note in their analysis that the leading states for business starts have low or no corporate and personal state income taxes as well as privacy laws regarding business ownership.

Looking at figures for 2024, business applications are starting to pick back up in Louisiana after steadily dropping since January. There were 6,693 business applications filed in May, according to the latest data available. The figures represent a roughly 14% increase from May 2023 filings.