Louisiana has experienced significant growth in business applications since 2005, according to a recent analysis by the Federal Reserve Economic Data department. The state’s policies and economic conditions are likely contributing factors to this growth, positioning Louisiana as a leader in new business applications in the United States.
Among the states with the highest growth rates in new business applications adjusted for population size are Wyoming, Delaware, Mississippi, Georgia, and Louisiana. Data scientists at the Federal Reserve highlight that states with low or no corporate and personal state income taxes, as well as strong privacy laws regarding business ownership, tend to lead in business starts.
In Louisiana, business applications are beginning to rebound in 2024 after a steady decline since January. In May, there were 6,693 business applications filed, representing a 14% increase from the previous year. These findings indicate a positive trend in business growth in Louisiana, suggesting a favorable environment for new business ventures.