Idaho generally outpaces the nation in its share of startups relative to its labor force. In 2022, the state had a peak of 11 new private establishments for every 1,000 Idahoans in the labor force. In comparison, the U.S. had roughly seven new private establishments for every 1,000 civilians in the labor force. Despite Idaho’s momentum, startup growth tapered off slightly in 2023 at 9.5 per 1,000, which falls closer to the U.S. ratio of six per 1,000.
Looking at new startups in Idaho and the U.S. that have operated for less than a year provides a glimpse of economic health both in new industry establishments and employment. Between 1994 and 2023, Idaho’s annual number of new private establishments grew from 3,249 to 9,215. This was a 183.6% increase, or 6.3% on an annual basis, despite the recent drop in 2023. By comparison, the number of new establishments nationwide grew 85.1%, or 2.9% on an annual basis, shown in Figure 1.
