In the area of business formation, Wisconsin is now well above the U.S. median. Forbes Advisor ranked Wisconsin the 14th best state to start a business in 2024. In this ranking, Wisconsin outpaced Illinois (ranked 28), Iowa (31), Michigan (40), and Minnesota (43).
Meanwhile, data from the Bureau of Labor Statistics confirms that the Wisconsin economy has excelled in business creation, especially in comparison to Illinois.
The figure above documents the yearly percentage change in new private businesses in Wisconsin and Illinois from 2014 to 2022. In most years, Wisconsin’s private sector outpaced Illinois in creating new businesses.
