Austin took a huge leap forward on the list of top cities for small businesses, the Austin Business Journal reports.
Austin comes in at the ninth spot on the list, up from sixteenth a year ago, for how it supports its small businesses. The study, conducted by the Kauffman Foundation, looked at the number of small businesses open at least five years across the US, the rates of staying open for those companies, and how many small business owners were in each city.
Across the country, the five year survival rate for small businesses was 48.7 percent, the highest in the last thirty years. Almost eight percent of adults in Austin own a business as their primary occupation, which is among the highest in the country. Also, small businesses in Austin have a 52.3 percent rate of making it at least five years, better than the national average.
In another report by the same foundation, Austin was ranked number one in terms of startups being founded. Austin was also named the best city in the nation for small companies by an American City Business Journals report earlier this year