This post offers something old and something new: It covers similar ground from a post last November, but it’s the first post to use FRED’s new mapping feature! We hope you like the look and functionality!
Our splendid new map above depicts growth in new business creations by state during 2021—specifically, the percent change between 2020 and 2021 in the number of business applications recorded by the U.S. Census for each state. Darker colors represent higher growth rates.
The data themselves also offer something old and something new: Growth in business applications was highest for the first state to enter the Union and lowest for the next-to-last state to enter the Union.
In Delaware, known as the “First State,” businesses grew by 47%, which is almost double the typical (or median) growth rate of 25%. Business laws there have long facilitated the formation, or incorporation, of new commercial enterprises, so perhaps this is no surprise.
However, in Alaska, on the opposite side of the continent, their 2% growth in business applications was the lowest in the country. Here at the FRED Blog, we shall not wander “into the wild” speculating about the reasons behind the slow growth in new business creations in the “Last Frontier” state.
How this graph was created: Search for and select “Business Applications for Alaska.” From the “Edit Graph” panel, use the “Edit Line 1” tab to modify the data frequency to “Annual” and the aggregation method to “Sum.” Last, close the edit panels and click on the “View Map” green button. Happy travels with FRED maps!
Suggested by Diego Mendez-Carbajo.