By ND Commerce
North Dakota ranked 2nd in the nation for business survival rates according to data from the Bureau of Labor Statistics’ Business Employment Dynamics data series. The study assessed the states in which new businesses were most likely to survive.
“We are very pleased that North Dakota continues to outpace the nation with one of the best business survival rates in the country,” North Dakota Department of Commerce Economic Development & Finance Division Director Paul Lucy said. “This study is additional proof that our business climate is one of the top in the nation for supporting emerging businesses, entrepreneurs and expansions.”
In 2003, there were 1,094 business establishments born in North Dakota. Nearly half of these businesses (47.1 percent) survived until 2013. Nationally, 610,082 businesses were established in the United States in 2003. Of these businesses, 226,809 (37.17percent) survived. Overall, California had the highest survival rate.
The number of limited liability companies registered in North Dakota increased 130 percent during the past four years from 12,459 to 28,657, according to North Dakota Secretary of State Al Jaeger. “This number of new businesses along with this recent top ranking survival rate shows the continued strength of North Dakota.”
The complete Bureau of Economic Analysis report is available at http://www.bls.gov/bdm/.
The North Dakota Department of Commerce works to improve the quality of life for North Dakota citizens by leading efforts to attract, retain and expand wealth. Commerce serves businesses and communities statewide through committed people and partners who offer valuable programs and dynamic services.
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