Small Business Growth Rate in Greater Philadelphia Area Lagging Behind Other East Coast Cities

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Photo courtesy of Alejandro Alvarez, Philadelphia Inquirer.

According to the latest analysis of U.S. Census data by American City Business Journals, the Greater Philadelphia area, along with the entire state, is lagging behind other major cities on the East Coast, including Boston, New York, Washington D.C. and Baltimore, write G. Scott Thomas and Alison Burdo for Philadelphia Business Journal.

From 2010 to 2014, Philadelphia’s growth rate only increased by 0.3 percent, adding just 412 new small businesses and bringing the total number to 141,395.

This number is dwarfed by the four percent achieved in the nation’s capital, which displayed the highest growth rate of major East Coast cities over the same period. Boston also saw an increase of 2.8 percent, while Baltimore recorded 1.5 percent growth.

However, some areas fared better than the state capitol and its suburbs as Lancaster saw its small business growth rate increase by 2.8 percent, significantly exceeding Philadelphia’s. But, according to the ACBJ analysis, Texas and Florida are still the best places to start a small business as they are showing the fastest growth rates.

Read more about the growth rate at Philadelphia Business Journal by clicking here.

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