Louisiana’s Business Growth Surges, Ranks Among Top States for New Ventures

According to a recent analysis by the Federal Reserve Economic Data department, Louisiana has experienced significant growth in business applications since 2005. The state ranks among the top five states with the highest growth rates in new business applications adjusted for population size, alongside Wyoming, Delaware, Mississippi, Georgia, and Louisiana. In contrast, Nevada, New Hampshire, Maine, Minnesota, and Massachusetts have seen the lowest growth rates in new businesses since 2005.

The data scientists at the Federal Reserve point out 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 have been steadily declining since January but began to rebound in 2024. In May alone, there were 6,693 business applications filed representing an impressive 14% increase from the previous year.

These findings indicate a positive trend in business growth in Louisiana. The state’s favorable environment for new ventures could be attributed to its policies and economic conditions that are likely contributing factors to this growth. As a result of this trending development positioning Louisiana as one of the leaders in new business applications across the United States.