Birmingham is the city in the United States with the second-lowest average age of businesses, an indicator of new business activity.
Biz2Credit is a platform for small businesses that provides multiple financing options. Birmingham's average business age is 56 months, according to the firm.
Milwaukee, with a 55-month-old business age, is the place in the United States that has the youngest age for business.
Eight cities were ranked by the age of their youngest businesspersons in months:
San Jose, 57
Austin, Texas, 58
Greenville, South Carolina, 58
Oklahoma City, 59
Age of the business is a good indicator of new business growth and entrepreneurship. Our analysis revealed that places such as Milwaukee, Birmingham, Alabama and Greenville in South Carolina are sprouting new businesses. These cities had never made Biz2Credit’s list of Best Small Business Cities.
This news comes just a few weeks after SmartAsset named two metro Birmingham counties - Jefferson and Shelby - among the top three Alabama counties for small business. The study measured IRS data about the number of small companies operating in each county and how much they earn and pay in taxes.
Baldwin County is the top county for small business in Alabama, followed by Shelby County, Jefferson County and then Jefferson County.
Shelby County's small business returns were 26,86%, compared to the average state of 22,01%. The average state income is 7.92%. Small business income in Shelby County was 10.29%. Jefferson County saw 24.46%, and 10.07%, respectively. Both counties had income taxes of $9,836 compared to the state's $10,529.