NY Top State for Entrepreneurship
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Mark Marich
New York came out on top of a new State Entrepreneurship Index developed by economists at the University of Nebraska-Lincoln. The study combines five key components -- a state's percentage growth and per capita growth in business establishments, its business formation rate, the number of patents per thousand residents and gross receipts of sole proprietorships and partnerships per capita -- to build its state-by-state rankings.
For 2010, the latest year for figures, New York’s index score was 2.34—retaining the top spot from UNL’s 2008 version of the study (the last time it was conducted). It was followed by Washington (2.17), Massachusetts (2.04), New Jersey and Oregon (both at 1.93) rounding out the top 5.
Interestingly, Oregon skyrocketed 40 places from its 2008 ranking to crack the top five – although the reason for the jump was not covered by the authors. Moving the opposite direction, Nevada (0.33) dropped 40 spots to end up at 47. Joining it in the bottom five were: Alabama (0.41); Mississippi (0.32); Arizona (0.11); and, South Carolina (0.07).
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