After being number one for the past two years on the Kauffman Foundation’s ranking of the best cities to start a new business, Austin has fallen to the number two spot, the Austin Business Journal reports.
There were 51 new small business owners for every 100,000 residents in the Austin area in 2016 and there were 104.5 new businesses for every 1,000 businesses. Miami edged Austin out slightly to nab the top spot.
Rounding out the top five cities for entrepreneurs are Los Angeles, San Diego, and Las Vegas.
Across the country, a little less than a third of adults started new companies each month last year, which is roughly 310 out of every 100,000 people. This is slightly down from 2015, but more than 2013.
The number of women entrepreneurs declined, but the ethnic diversity of those starting new businesses is increasing.
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