SPEAKIN’ OUT NEWS
entrepreneurs with its booming high-tech industries and strong economic growth.
Starting a small business and making it big has long been central to the American Dream. In 2018-2019, 62% of adults saw entrepreneurship as a promising career path. By 2023, this dream turned into action as a record-breaking 5.5 million new business applications were filed across the U.S.
Choosing the right city to start a business is key to success. After analyzing 136 U.S. cities based on factors like gross domestic product (GDP), business application rates, and labor costs, one city is making a name for itself—Huntsville, Alabama.
Huntsville: Alabama’s Business Star
Ranked 10th on the list with 68.51 points, Huntsville is rising not just in aerospace but also as a prime spot for small business growth. The city’s unemployment rate of 4.6%, paired with affordable labor costs averaging $38,946, makes it a highly attractive location for entrepreneurs.
Huntsville’s high-tech focus and a self-employment rate of over 8% are fueling its rapid business growth. With a 31% GDP growth rate, the city offers a stable environment for small business owners, particularly those in tech and research sectors. Huntsville’s business climate is strong, supported by Alabama’s reputation for having one of the best small business survival rates in the country.
Southern Cities Shine, But Huntsville Stands Out
While 14 of the top 20 cities for small businesses are in the South, including Miami and Austin, Huntsville is standing out as a rising star. Its growing reputation as a business-friendly city combined with its innovative industries makes it a prime location for entrepreneurs looking to thrive in 2024.
