New Business Numbers Show Big Increase

Date: August 17, 2022

The state Department of Financial Institutions reports the number of new business formations in Wisconsin increased by 42% between 2019 and 2021, with the largest over the period of an increase of 24% between 2020 and 2021.

Missy Hughes, CEO of the Wisconsin Economic Development Corporation, says the dramatic increase reflects the state’s “entrepreneurial spirit.”

The Wisconsin Start-Up Coalition believes record levels of venture capital and private equity played a key role in the spike of new business formations, “This is exciting news for Wisconsin as start-up companies create new jobs in the economy,” according to a statement issued by the Coalition. “Policymakers should work to foster a new supportive environment for these new companies by investing in talent attraction, workforce development, and creating a more attractive tax and regulatory climate in the state.”

Meanwhile, a spokesman for the Wisconsin Economic Development Corporation said, “We’ve put close to probably about $600 million into assisting small businesses here in Wisconsin, and I think that’s one of the things that we’re starting to see it bearing fruit.”

Unfortunately, the recent good news being reported with start-ups is not always shared in many rural areas of the state where the number of start-ups has declined by 50 percent since 1978, according to the Rural Innovation Report.

The report also found Wisconsin has an average level of business closings and a below average level of new businesses being created when compared to other states.”

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