IN OTHER NEWS – New data reveals that Georgia is ranked among states with the least family-owned businesses in the country.
Release:
According to the U.S. Census Bureau, family businesses generate over half of the country’s GDP and employ between 26.70% and 46.74% of a state’s workforce.
Recognizing the economic importance of family-owned firms, OnDeck analyzed the latest available Census Bureau data (2022) to find out which states and metros have the most and least family businesses: https://www.ondeck.com/resources/states-metros-family-owned
Georgia ranks among the states with the lowest concentration of family firms, where 22.44% of all businesses are family-owned:
| Most Family Businesses | Least Family Businesses | |||||||
| Rank | State | % of Family-Owned Businesses 2022 | Change in Rank (from 2021) | Rank | State | % of Family-Owned Businesses 2022 | Change in Rank (from 2021) | |
| 1 | Idaho | 39.77% | 1 UP | 1 | New York | 20.05% | – | |
| 2 | South Dakota | 35.82% | 1 UP | 2 | Massachusetts | 20.10% | – | |
| 3 | Wyoming | 34.55% | – | 3 | New Jersey | 21.60% | – | |
| 4 | New Mexico | 33.43% | – | 4 | Rhode Island | 22.18% | 25 DOWN | |
| 5 | Washington | 33.07% | 1 UP | 5 | Georgia | 22.44% | – | |
| 6 | Nebraska | 32.96% | 5 UP | 6 | Maryland | 22.85% | 1 DOWN | |
| 7 | Montana | 32.57% | 5 UP | 7 | Illinois | 23.03% | 1 UP | |
| 8 | Alaska | 32.47% | 7 UP | 8 | Connecticut | 23.16% | 4 UP | |
| 9 | Arkansas | 31.82% | 2 DOWN | 9 | South Carolina | 23.63% | 2 DOWN | |
| 10 | Arizona | 31.79% | 4 UP | 10 | Michigan | 23.67% | 1 UP | |
The wider study also revealed how employment and wages at family-owned businesses compare nationwide.
