T oo often in today's economy new businesses are merged, sold, or go out of business soon after they are born. Owners have to face not only local or domestic competition but also international competition. This article will answer those questions. On average, new firms added 1,180 new jobs and 5.4 million dollars in wages in the quarter in which they started their businesses. These numbers directly affect the employment and wage statistics of the state.
Further study needs to be done in order to give a complete explanation.
The Southwest and Southeast have been the fastest growth regions in the state for the past five years. Each had over 21 percent of new firms every year. The Northeast was the slowest developing area, with only 15 percent of new firms. This number rose to 7,474 in 1996 and 7,833 in 1997. The geographic distribution of these new jobs is consistent with the new firms' distribution.