The Granite State ranks 40 in the nation for growth in the number of new businesses, according to a new study released by SwyftFilings.com, which shows that new business growth in the state slowed by 11.2 percent between 2017 and 2018.
In its second year, the study analyzed more than 70,000 new businesses between 2017 and 2018, and looked at the number of these businesses in each state by industry. The study determines new business growth rate and the volume of businesses formed in each industry to uncover the total volume of each industry’s new businesses.
In NH, it found that entertainment (466.7 percent), food service (300 percent), and travel and accommodations (100 percent) were the three industries with the largest year-over-year new business growth. Entertainment, retail and consulting were the sectors with the largest volume of new businesses.
The wholesale and finance industries were the two slowest-growing in the state, with 75 percent year-over-year declines.
Construction and social services followed closely behind at -53.4 percent and -37.5 percent, respectively. Also, Manchester, Nashua and Bedford were the top three cities for new business growth in NH.