10
Competitiveness inputs
ENTREPRENEURIAL ENVIRONMENT INDEX
The Indicators Concentration of Small to Mid-Size Businesses, 2011
Why is this important?
Number of area businesses per 1,000 employees.
A supportive environment for entrepreneurs is key for new
The continued growth of small businesses, in particular the
business creation and growth. Just as a favorable climate
Business Services sector, is dependent on the continued
encourages new companies to put down roots, an unfavorable
growth of the region’s GRP and economic engines of growth,
climate can cause successful startups to seek more hospitable
particularly high-value target industry clusters: Aerospace,
communities. Innovative activity in the economy results in new
Advanced Security, IT, Biomedical and Energy Systems and
business and entrepreneurial activity.
related competencies.
1 2 3 4 5
Charleston.......107.4 Jacksonville... 107.0 Raleigh...........106.5 Austin..............99.0 Savannah........ 98.7
6 7 8 9
Richmond........98.2 Greenville........ 92.2 Lexington.........91.6 Knoxville.........82.9 Source: U.S. Census Bureau
Total establishments, 2011 Total number of establishment per 1,000 employees.
The Trend
105
• Primarily due to overall growth of business establishments
99
80
knoxville
ond Richmsonvillne o jack ngt le Lexi eenvil Gr
Highest growth among all peers and leading metros.
Charleston.......107.3 Jacksonville.... 107.1 Raleigh...........106.5 Austin..............98.9 Savannah........98.6
6 7 8 9
Richmond........98.3 Greenville........ 92.4 Lexington......... 91.7 Knoxville.........82.9
Source: Bureau of Economic Analysis
Proprietors’ Income Share, 2011 Percentage of an area’s income generated by self-employed business owners.
103
1 2 3 4 5
112
Knoxville.........120.4 Austin..............110.3 Charleston........98.3 Lexington........94.6 Greenville......... 71.8
6 7 7 9
Richmond......... 71.6 Jacksonville..... 70.1 Raleigh............. 70.1 Savannah......... 57.7
Source: Bureau of Economic Analysis
Business Services, 2011 Share of regional employment in the professional and technical services industries (NAICS 54).
Aus tin
• Increase in proprietors’ income illustrates businesses continue to recover from Great Recession
CHARLE STON Raleigh
• 10 point improvement between 2005 and 2011, passing Raleigh and edging up on Austin
93 2 9 91 90
1 2 3 4 5
1 2 3 4 5
Savan nah
Austin............138.6 Raleigh.............127.1 Knoxville.........108.6 Charleston........107.1 Richmond.......104.3
6 7 8 9
Greenville.......102.9 Lexington........ 84.3 Jacksonville....82.9 Savannah........ 64.3 Source: U.S. Census Bureau
Change in Index Value:
75
Savannah
100
United States Average
125
= Increase
= Decrease
= No change
The most recent values are compared to a 2005 baseline and do not imply year-to-year changes.
U.S. Average = 100