A recent study of U.S. Bureau of Labor Statistics data found that Michigan ranks ninth among states best for starting a new business.

The study, conducted by invoicing software company Bookipi, analyzed data from the U.S. Bureau of Labor Statistics on the number of new businesses launched in each state in 2018 and those still operating in 2023.

With a five-year survival rate of 55.05%, Michigan ranks ninth. Entrepreneurs in the state founded 15,449 businesses in 2018, with 8,504 still in operation by 2023.

Additionally, employment in these businesses increased from 65,077 to 68,692, a 5.55% rise.

Just over 12,000 new business applications were submitted by Michigan residents in July 2023.

“Small businesses are essential to local economies, providing numerous job opportunities,” CEO and founder of the Bookipi Group Tim Lee said. “The data clearly shows that several states are experiencing increased employment opportunities from new small businesses. Entrepreneurs seeking a promising start should consider these states, where the likelihood of success is significantly higher.”