Western Connecticut, Greater Bridgeport Lead in 2022 New Business Applications

Just over 5 million new business applications were filed nationwide in 2022, or 15.1 for every 1,000 residents, according to a new Axios analysis of U.S. Census Bureau and IRS data. One of nine regions in Connecticut – the Western Connecticut Planning Region – exceeded the national average, with 17.8 applications per 1,000 residents, for a total of 11,118 total applications during the year, according to the analysis.

New business applications are an important measure of an area's perceived economic health, Axios points out.  If lots of people are trying to start new companies in a given city, it's a sign that they're bullish on the area's prospects.

Connecticut’s nine (9) planning regions provide a geographic framework within which municipalities can jointly address common interests, and coordinate such interests with state plans and programs, the state Office of Policy and Management points out.  Connecticut’s nine planning regions include: Capitol, Greater Bridgeport, Lower Connecticut River Valley, Naugatuck Valley, Northeastern Connecticut, Northwest Hills, South Central Connecticut, Southeastern Connecticut and Western Connecticut.

In rank order, following the Western Connecticut Planning Region, the largest percentage of new business applications in 2022 were filed in the Greater Bridgeport Planning Region (14.6 applications submitted per 1,000 residents, 4,788 total applications), and South Central Connecticut Planning Region (12.1, 6,911).

The remaining six planning regions were ranked as follows:

Naugatuck Valley Planning Region             11.1       5,018

Capitol Planning Region                                 11.1       10,854

Lower Connecticut River Valley Planning Region 10.0  1,762

Northwest Hills Planning Region                 9.4         1,061

Southeastern Connecticut Planning Region 8.3    2,318

Northeastern Connecticut Planning Region           7.7         738