Atlanta Crowned as the No. 1 City to Start a Business in 2024
Atlanta, a bustling metropolis in the southeast USA, has earned its place as the leading city to start a new business in 2024. This prestigious status was conveyed to the city through an announcement made by Home Bay, a well-known real estate services company. The decision was further acknowledged in the esteemed pages of Black Enterprise magazine.
Recognition for the City’s Progressive Business Environment
In a city press release, officials celebrated the recognition that attests to a combination of Atlanta’s well-established business factors. These include low business operational costs, access to a large pool of talent, and a robust community of Black entrepreneurs. This recognition is not the city’s first, either. Earlier, LinkedIn declared the Atlanta metro area as the “Best Place to Start Your Own Business in 2024.”
The City’s Mayor, Andre Dickens, proudly stated, “Atlanta continues to receive accolades for its efforts in nurturing an eclectic environment conducive to robust business growth and development. We are a city of entrepreneurs, innovators, incubators, and thinkers that help mould a city of opportunity for everyone“. He added that businesses were established here because of the vast knowledge pool, the economic strength, and the opportunities for growth that the city provides.
Backing it Up with Numbers
Home Bay’s study analyzed various metrics such as new business applications, venture capital investment, and job growth. Atlanta topped the list, showing a marked improvement in its business environment compared to previous years. Atlanta had moved up to number one from the fifth ranking for the best city to start a business, dethroning Las Vegas, which held the position in 2022.
The study showed compelling data on Atlanta’s business potential. Over the past five years, the city has received the second-highest number of new business applications at a rate of 28.5 new businesses per 1,000 citizens, almost double the number in the average U.S. city (14.5). Notably, job growth has outpaced the national average by 0.8%, with Atlanta seeing a 2.5% increase compared to the national average of 1.7%.
Additional Factors Contributing to Atlanta’s Top Rank
Beyond these numbers, Atlanta also provides an array of resources and networking opportunities, especially for Black-owned businesses, fostering a supportive business culture.
Home Bay’s list of top cities to start a business in 2024 included Atlanta at the top, followed by three cities in Florida – Miami, Orlando, and Tampa – and Austin, Texas. The cities deemed to be the least favorable for startups were Providence, Rhode Island; Hartford, Connecticut; New York City; Milwaukee, Wisconsin; and Louisville, Kentucky.
This recognition for Atlanta magnifies the city’s successful efforts to create an inclusive and supportive business landscape. Earning the top rank as the Best City to Start a Business is a testament to the economic strength and resilience of Atlanta.
