Move over, Silicon Valley. America has a new startup capital, according to a non-profit organization that studies startup trends throughout the U.S. So which city is currently home to the most startup activity in the U.S.?
That honor goes to Austin, Texas. The rankings were compiled as part of the Kauffman Index, an in-depth measure of startup activity issued each year by the Ewing Marion Kauffman Foundation.
Silicon Valley, which was #1 last year, fell all the way to #3 in the 2015 rankings. Miami now finds itself in the #2 spot in the Kauffman Index:
The rate of new entrepreneurs, one of the components of the Kauffman Index, varied widely across metropolitan areas, from 0.55 percent to 0.13 percent. Austin, Texas, came out on top, at 0.55 percent rate of new entrepreneurs, or 550 new entrepreneurs per month on average, followed by Miami at 0.52 percent and San Jose, Calif., at 0.41 percent.
The Kauffman Index also measures and ranks entrepreneurial activity by state. In the 2015 Kauffman study released this morning, Western states came out on top, with Montana, Wyoming, and North Dakota rounding out the top three, respectively. Of the top 10 states with the most startup activity, eight are located in the West or Midwest. Vermont and Florida were the only Eastern states to crack the top 10.
You can view the full results at KauffmanIndex.org.