West Virginia (WOAY) A new study is putting West Virginia at the top of the list when it comes to business survival.
A Hobbs Independent article reports that 57.6% of businesses launched in West Virginia in 2019 were still operating five years later.
That’s the highest five-year business survival rate in the nation and above the national average of 51.6%.
The study was conducted by Franchise Opportunities, which reviewed Business Employment Dynamics data covering all 50 states and Washington DC.
The research tracked employer businesses through five years that included the COVID-19 pandemic and other major economic challenges.
State officials say the results reflect the growing support system for entrepreneurs, including business coaching, mentoring, access to capital and entrepreneurial education.
The West Virginia Office of Entrepreneurship was also created to connect business owners with resources and help remove obstacles.
State leaders say the goal now is to build on that momentum and make West Virginia one of the best places in the country to start, grow and sustain a business.
