State of Swyft State Report

State of Swyft State Report

The State of Swyft State Report monitors the year-over-year growth of 18 major industries in all 50 U.S. states. Swyft Filings' proprietary database reveals which states and industries saw the most (or least) growth, as well as which industries accounted for the largest volume of new businesses throughout the country. Swyft then cross referenced growth with industry trends, economic fluctuations, and major events. Below you'll find a breakdown of the industries with the highest and lowest growth, industries with the largest volume of new businesses, and which industries saw growth in 2017, but not the previous year, for all 50 U.S. states. In this Report: by State: Swyft ranked 18 industries in each state by looking at the change in new businesses formed in 2016 vs. 2017. The biggest movers had the largest percent increase in new businesses formed in that state compared to the previous year. #1 saw the most amount of growth and is therefore the biggest mover. by State: The industries in each state that formed the least amount of new businesses compared to other industries are the slowest movers. #1 saw the least amount of growth and therefore is the slowest mover. by State: Swyft ranked 18 industries in each state by number of new businesses formed in 2017 for total volume. #1 has the most new businesses formed in that state. by State: In each state, industries tracked in Swyft s database sometimes saw no new business formations in 2016, but did see new business formations in 2017. #1 has the most new businesses formed in that state compared to other industries that grew in 2017 but not 2016. *Negative growth does not indicate a contraction of the industry, but a slowing of growth rate year over year. We would not define these industries to be in contraction as they don t have consecutive periods of declining growth. Example: Industry A - 900 new businesses formed in 2016 and 1,000 new businesses formed in 2017. Industry B - 1000 new businesses formed in 2016 and 900 new businesses formed in 2017. Industry A saw 10% growth. Industry B saw -10% growth.

U.S. STATE YOY GROWTH RATE GROWTH RANK VOLUME OF NEW BUSINESS RANK Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississipi Missouri Montana Nebraska Nevada 3% 43% 36% 77% 40% 45% 15% 57% 30% 43% 49% 21% 22% 52% 50% 28% 59% 56% 41% 26% 23% 62% 71% 68% 61% 18% 39% 53% 48 24 31 3 27 23 44 12 34 25 19 42 39 17 18 35 11 14 26 37 38 8 4 5 10 10 28 16 34 47 11 32 1 15 24 18 3 10 43 39 13 20 36 35 28 19 43 17 25 7 7 29 16 16 36 12

U.S. STATE YOY GROWTH RATE GROWTH RANK VOLUME OF NEW BUSINESS RANK New Hampshire 30% 32 38 New Jersey 66% 6 6 New Mexico 5% 46 41 New York 46% 21 4 North Carolina 48% 20 8 North Dakota 124% 1 48 Ohio 90% 2 9 Oklahoma 38% 29 31 Oregon 6% 45 30 Pennsylvania 57% 13 5 Rhode Island 27% 36 46 South Carolina 36% 30 22 South Dakota -8% 49 49 Tennessee 22% 40 26 Texas 46% 22 2 Utah 61% 9 33 Vermont 65% 7 50 Virginia 30% 33 14 Washington 4% 47 21 West Virginia 54% 15 45 Wisconsin 22% 41 23 Wyoming -19% 50 40

Alabama : Highest Growth for New Businesses by Industry from 2016 to 2017 1. Insurance (166.7%) 2. Health Care (133.3%) 3. Tie: Wholesale and Accommodations 1. Retail 2. Construction 3. Transportation (100% each) The healthcare industry in Alabama saw the : Lowest Growth for New Business by Industry from 2016 to 2017 1. Food Service (-57.1%) 2. Entertainment (-41.7%) 3. Real Estate (-34.5%) second highest growth in 2017 compared to the growth of other industries, according to the Swyft database. Even so, rural hospitals in the state have been suffering, with at least five rural hospitals and facilities having closed in the past eight years. Many of these rural areas are subject to high poverty rates with limited funding aside from Medicaid. Alaska 1. Technology (200%) 2. Entertainment (200%) 3. Accommodations (150%) 1. Healthcare (-66.7%) 2. Real Estate (-57.1%) 3. Finance (-50%) 2. Rental & Leasing 1. Social Assistance 2. Professional 3. Rental & Leasing Though the industry growth percentages in Alaska indicated by Swyft's database seem dramatic, the actual movement is much more subtle. The technology industry, for instance, grew from just one new business in 2016 to three new businesses in 2017.

Arizona 1. Finance (110%) 2. Construction (105%) 3. Social Assistance (68.8%) 1. Real Estate (-19%) 2. Manufacturing (-17.6%) 3. Transportation (-11.4%) Arizona saw the formation of many new construction businesses in 2017, according to the Swyft database, adding to its position as the industry with the third largest volume of new businesses in the state. The city of Phoenix saw the most significant addition of new construction businesses, which might be attributed to Phoenix Sky Harbor International Airport renovations and new major real estate deals. 1. Consulting 3. Construction Arkansas 1. Food Service (350%) 2. Construction (250%) 3. Professional (220%) 1. Finance (-33.3%) 2. Technology (0%) 3. Real Estate (23.1%) 1. Retail 2. Construction 3. Consulting 1. Accommodations 2. Warehousing According to Swyft, the construction industry saw major growth in Arkansas in 2017, elevating it to rank amongst industries with the largest volume of new businesses that year. Major construction projects in the state began in 2017, including at least six projects for the University of Arkansas, an increase in hotel construction across the state, and the breaking ground of construction on a new convention center in Jonesboro.

California : 1. Social Assistance (103.7%) 2. Transportation (70.8%) 3. Manufacturing (57.1%) 1. Technology (13.3%) 2. Warehousing (20%) 3. Accommodations (21.9%) In 2017, the social assistance industry saw the highest percentage of growth in California, according to Swyft Filings' database. It still, however, didn't form nearly as many new businesses compared to most of the other industries in the state. For the industries that did see the largest volume of new businesses, a majority of them were formed in Los Angeles and the San Francisco Bay Area. 1. Consulting 3. Entertainment Colorado 1. Food Service (116.7%) 2. Professional (115.2%) 3. Construction (114.5%) 1. Insurance (-40%) 2. Entertainment (-16.3%) 2. Consulting 1. Warehousing 3. Real Estate (-15.7%) According to Swyft's database, the highest number of new professional businesses were formed in Colorado Springs in 2017. The construction industry, too, saw the most growth in Colorado Springs (with Denver trailing just behind), as compared to other Colorado cities with just one or two new construction businesses.

Connecticut 1. Health Care (170%) 2. Accommodations (150%) 3. Construction (145%) 1. Insurance (-50%) 2. Real Estate (-23.7%) 1. Consulting 2. Construction 2. Warehousing 3. Entertainment (-17.1%) The construction industry in Connecticut saw the second largest volume of new businesses in 2017, according to the Swyft database. This major growth can be attributed to many notable construction projects that went underway last year, including resurfacing 260 two-lane miles of roadway and working towards anticipated construction completions for University of Connecticut facilities statewide. Delaware 1. Wholesale (162.5%) 2. Transportation (150%) 3. Social Assistance (142.9%) 1. Warehousing (-50%) 2. Insurance (0%) 3. Entertainment (0%) Despite the decrease in growth for the entertainment industry in Delaware, it still ranks sixth amongst industries with the highest number of new business throughout the state in 2017. Conversely, while the social assistance industry experienced the third largest growth, it still accounts for fewer new businesses than the entertainment industry. 1. Technology 2. Consulting

Florida : 1. Wholesale (70.9%) 2. Accommodations (68.4%) 3. Construction (52.3%) 1. Rental & Leasing (-6.3%) 2. Finance (-5.4%) 3. Real Estate (-4.2%) Not only did the construction industry in Florida experience major growth in 2017, but it also became the industry with the largest number of new businesses overall in the state, according to Swyft. Jacksonville, Miami, and other cities that were hit hard by Hurricane Irma tended to see more newly-formed construction businesses than other areas. 2. Consulting Georgia 1. Professional (91.9%) 2. Insurance (85.7%) 3. Finance (80%) 1. Manufacturing (-45.5%) 2. Accommodations (-37.5%) 3. Wholesale (-33.3%) Many of the new businesses in the entertainment industry in Georgia might be accredited to the aesthetically-pleasing streets of Savannah. In 2017, 12 films were shot in Chatham County, which has also been the filming location of movies like "Forrest Gump". Recent reports show that the industry contributed $137 million to the Savannah economy just last year. 1. Retail 2. Entertainment 3. Consulting

Hawaii 1. Food Service (800%) 2. Wholesale (300%) 3. Health Care (175%) 1. Technology (-60%) 2. Rental & Leasing (-40%) 3. Professional (-33.3%) 1. Retail 2. Consulting 3. Health Care 1. Transportation 4. Warehousing 2. Insurance 5. Accommodations 3. Finance 6. Manufacturing The healthcare industry in Hawaii saw the third largest increase in percentage of growth in 2017, according to the Swyft database. It also accounted for the third largest volume of new businesses as compared to other growing industries on the islands. A majority of the new healthcare businesses were formed on the island of Oahu and, even more specifically, in the city of Honolulu. Idaho 1. Wholesale (300%) 2. Health Care (133.3%) 3. Food Service (66.7%) 1. Rental & Leasing (-57.1%) 2. Manufacturing (-50%) 3. Consulting (-45.5%) 3. Food Service 1. Insurance 4. Warehousing 2. Social Assistance 5. Finance 3. Accommodations Idaho's major increase in population from 2016 to 2017 made it the nation's fastest growing state according to the U.S. Census Bureau. This might attribute to last year's growth across multiple industries. And while the decreases in the slower moving industries might seem significant, the rental & leasing and manufacturing industries are amongst the industries with the smallest number of new businesses.

Illinois : 1. Finance (200%) 2. Manufacturing (128.6%) 3. Healthcare (92%) 1. Insurance (-14.3%) 2. Food Service (-6.7%) 2. Consulting 1. Warehousing 3. Technology (-5.6%) According to the Swyft database, a vast majority of the year-over-year growth for the finance, manufacturing, and healthcare industries took place in the city of Chicago in 2017. The same can be said of the industries that saw the largest volume of new businesses but not the strongest growth percentages. Indiana 1. Insurance (200%) 2. Accommodations (150%) 3. Technology (122.2%) 1. Manufacturing (-33.3%) 2. Tie: Social Assistance, Wholesale, and 3. Real Estate 1. Warehousing Finance (0% each) Though the insurance industry in Indiana experienced the largest year-over-year growth from 2016 to 2017, according to Swyft Filings' database, it also accounts for the smallest number of new businesses in comparison to other industries in Indiana.

Iowa 1. Entertainment (450%) 2. Health Care (200%) 3. Transportation (150%) 1. Finance (-75%) 2. Social Assistance (-50%) 3. Professional (-8.3%) 3. Transportation 1. Warehousing 2. Accommodations The transportation industry in Iowa saw some of the strongest growth in comparison to other industries in 2017, according to the Swyft Filings database. This growth also elevated its ranking as the industry with the third largest volume of new businesses that year, with a majority of the new businesses with headquarters in Iowa City, Cedar Rapids, and Des Moines. Kansas 1. Technology (133.3%) 2. Warehousing (100%) 3. Real Estate (66.7%) 1. Manufacturing (-50%) 2. Consulting (-41.2%) 3. Wholesale (-33.3%) 2. Real Estate 1. Accommodations 2. Insurance Not dissimilar to other U.S. states, the construction industry saw the largest volume of new businesses in Kansas in 2017. Reports state that the number of new homes built were at their strongest in 2017 than in the past few years, and homebuilders are experiencing more demand as the job market grows. Subsequently, Kansas is seeing a shortage of homes for sale and a surge in prices.

Kentucky : (218.8%) 2. Health Care (144.4%) 3. Transportation (137.5%) 1. Insurance (-50%) 2. Finance (-33.3%) 2. Transportation 1. Warehousing 3. Accommodations (-16.7%) Unlike most U.S. states, the rate of growth for industries in Kentucky are mostly in line with how many new businesses formed in each industry. The biggest moving industries (construction, health care, and transportation), for instance, also happened to be those with the largest volume of new businesses in 2017 according to Swyft's database. On the other hand, the finance, accommodations, and insurance industries, which saw the slowest growth in the state, are amongst those with the lowest number of new businesses. Louisiana 1. Social Assistance (133.3%) 2. Finance (133.3%) (116.7%) 1. Technology (-35.7%) 2. Health Care (-25%) 3. Entertainment 1. Manufacturing 3. Tie: Wholesale, Insurance, and Warehousing (0% each) Despite the technology industry's decrease in growth in Louisiana for the year of 2017, according to Swyft's data, the industry had some major wins in New Orleans. DXC Technology, an IT services and solutions company, announced a deal in 2017 promising 2,000 jobs by 2025 at the company's upcoming technology center in New Orleans. Additionally, Louisiana Tech earned a $3.5-plus million grant for its cybersecurity programs, training a new generation of tech professionals.

Maine 1. Professional (600%) 2. Transportation (400%) 3. Tie: Consulting and Rental & Leasing (66.7% each) 1. Retail 2. Consulting 3. Tie: Construction and Professional 1. Insurance (-100%) 2. Finance (-50%) 3. Health Care (-25%) 1. Wholesale 2. Manufacturing 3. Warehousing The Swyft Filings database shows that the professional industry saw the highest percentage of growth in Maine, resulting in it ranking as the industry with the third largest volume of new businesses (tied with construction) compared to other industries in the state. And while the consulting industry grew less than the professional industry, it outranked it as the industry with the second largest volume of new businesses. Maryland 1. Accommodations (250%) 2. Entertainment (81.8%) (53.7%) 1. Retail 2. Real Estate 3. Consulting 1. Wholesale (-25%) 2. Consulting (-9.4%) 3. Tie: Warehousing, Manufacturing, Finance, and Insurance (-0%) The retail industry, which saw some of the largest increases in growth in Maryland in 2017, also boasts the largest volume of new businesses formed last year, as indicated by the Swyft Filings database. While the accommodations industry saw the largest growth, it accounts for fewer new businesses in Maryland compared to a majority of other industries in the state.

Massachusetts : 1. Rental & Leasing (250%) 2. Manufacturing (250%) 3. Professional (210%) 1. Wholesale (-55.6) 2. Transportation (-15.4%) 3. Technology (-10%) 2. Consulting 1. Warehousing 2. Insurance Despite the technology industry's decline in year-over-year growth from 2016 to 2017 in Massachusetts, it still ranks as the industry with the fifth largest volume of new businesses compared to other industries in the state. According to the Swyft database, a majority of the new tech businesses are coming out of the Boston area. The only industries with more new businesses overall in Massachusetts in 2017 are the professional, retail, consulting, and construction businesses. Michigan (128.6%) 2. Health Care (102.2%) 3. Social Assistance (95%) 3. Consulting 1. Wholesale (-38.5%) 2. Warehousing (-33.3) 3. Insurance (12.5%) According to Swyft Filings' database, the construction industry saw major growth in Michigan during 2017, and accounted for the largest volume of new businesses compared to other growing industries in the state. While Detroit boasted more new construction businesses than any other city in Michigan last year, there were still many new businesses in that industry formed in multiple cities throughout the entire state.

Minnesota 1. Retail (152.9%) 2. Rental & Leasing (125%) 3. Health Care (122.2%) 1. Social Assistance (-28.6%) 2. Food Service (-18.8%) 3. Real Estate (-9.5%) 3. Consulting 1. Manufacturing 2. Accommodations 3. Warehousing The retail industry, according to the Swyft database, saw the most year-over-year growth in Minnesota, and gained the second largest volume of new businesses compared to other industries in the state. A vast majority of new Minnesota retail businesses opened in and around Minneapolis, which is home to the second-largest shopping mall (Mall of America) in the U.S. Mississippi 1. Manufacturing (400%) 2. Professional (214.3%) 3. Insurance (200%) 1. Social Assistance (-25%) 2. Consulting (-7.1%) 1. Transportation 2. Construction 1. Warehousing 3. Tie: Rental & Leasing and Accomodations (0% each) Agriculture is the largest industry in Mississippi, though this is not one of the verticals tracked by Swyft Filings. Mississippi frequently ranks last on lists of states with the best and worst economies.

Missouri : 1. Entertainment (152.6%) 2. Manufacturing (140%) 3. Health Care (105.9%) 1. Finance (-33.3%) 2. Insurance (0%) 3. Real Estate 1. Warehousing 3. Social Assistance (0%) The entertainment industry saw the largest growth in Missouri in 2017, according to the Swyft database. While a majority of these new businesses were formed in St. Louis and Kansas City, the two most populated cities in the state, Kansas City boasted more new entertainment businesses. Conversely, St. Louis boasted a stronger growth in the healthcare industry. Montana 1. Social Assistance (500%) 2. Insurance (500%) 3. Technology (300%) 1. Food Service (-80%) 2. Entertainment (-77.8%) 3. Transportation (-62.5%) 2. Health Care 1. Warehousing 3. Finance 2. Wholesale 2017 brought Montana record-setting, devastating fires, with reports of 1.2 million acres burnt and firefighting costs reaching almost $400 million. The damage incurred and the increased need for social assistance and insurance might account for some of the major growth in the two industries last year. According to the Swyft database, both the social assistance and insurance industries grew by 500%, accounting for a higher amount of new businesses than most other industries in the state.

Nebraska 1. Consulting (157.1%) 2. Health Care (150%) 3. Construction (117.6%) 1. Entertainment (-69.2%) 2. Technology (-37.5%) (-16%) 3. Professional 1. Warehousing 2. Insurance 3. Accommodations Consulting and healthcare industries saw the strongest year-over-year growth from 2016 to 2017 in the city of Omaha specifically, according to Swyft Filings' database. However, the construction industry saw major growth across a wider variety of cities throughout the state, including significant growth in Lincoln. The construction industry also accounts for the largest volume of new businesses compared to other industries in the state. Nevada 1. Social Assistance (375%) 2. Accommodations (250%) 3. Construction (183.3%) 1. Consulting 2. Entertainment 3. Real Estate 1. Wholesale (-15.2%) 2. Food Service (-4.5%) (6.8%) The entertainment industry accounts for the second largest volume of new businesses in Nevada in 2017, according to the Swyft database. A vast majority of those businesses were formed in Las Vegas, which reportedly attracts over 40 million visitors annually. The accommodations industry, on the other hand, accounts for the smallest number of new businesses formed in Nevada, despite its major growth.

New Hampshire : 1. Professional (800%) 2. Social Assistance (700%) 3. Wholesale (300%) 1. Food Service (-85.7%) 2. Entertainment (-57.1%) 3. Health Care (-50%) 2. Consulting 1. Accommodations 2. Warehousing According to Swyft Filings' database, the foodservice industry dropped from ranking as an industry with one of the largest volume of new businesses in New Hampshire in 2016 to the industry with the second lowest volume of new businesses added in 2017. Conversely, the professional industry, which saw the strongest growth in New Hampshire the prior year, drastically increased its ranking by boasting significant growth, making it an industry that accounts for the fifth highest number of businesses last year. New Jersey 1. Insurance (300%) 2. Social Assistance (186.4%) 3. Accommodations (175%) 1. Real Estate 2. Consulting 1. Warehousing (0%) 2. Technology (3.8%) 3. Finance (16%) While the insurance industry saw largest growth in New Jersey in 2017, it still accounts for the smallest number of new businesses compared to other industries in the state. The real estate industry, which saw 84.1% growth, ranks as the industry with the largest volume of new businesses.

New Mexico 1. Finance (400%) 2. Transportation (166.7%) 3. Technology (133.3%) 1. Insurance (-100%) 2. Professional (-44.4%) 3. Rental & Leasing (-40%) 1. Entertainment 2. Consulting 3. Real Estate 1. Accommodations 2. Wholesale 3. Warehousing According to the Swyft database, the finance industry saw the strongest growth of new businesses from 2016 to 2017. However, the industry ranks in the bottom half for volume of new businesses compared to other industries in the state. New York 1. Manufacturing (131.6%) 2. Food Service (82.3%) 3. Professional (74.5%) 1. Consulting 2. Entertainment 1. Warehousing (-40%) 2. Accommodations (4.5%) 3. Technology (6%) The warehousing industry experienced the slowest year-over-year growth in New York state in 2017, according to the Swyft database. However, the warehousing industry's decrease in number of new businesses was fairly negligible (with just two fewer businesses forming than in 2016). The industries accounting for the largest volume of new businesses in New York (consulting, entertainment, and retail) all saw modest growth rather than being big movers.

North Carolina : 1. Professional (108%) 2. Entertainment (102.4%) 3. Construction (98.7%) 1. Accommodations (-31.3%) 2. Wholesale (-10.5%) 1. Retail 2. Construction 3. Consulting 1. Warehousing 3. Insurance (-7.7%) The retail industry's growth (95.3%) in North Carolina elevated it's rank as the industry with the largest volume of new businesses in 2017, according to the Swyft database. The cities of Charlotte and Raleigh accounted for a majority of the growth, with other cities like Wilmington and Fayetteville trailing only slightly behind. North Dakota (250%) 2. Transportation (150%) 3. Technology (100%) 1. Accommodations (-100%) 2. Health Care (-100%) 3. Entertainment (-100%) 2. Consulting 1. Warehousing 6. Rental & Leasing 2. Professional 7. Finance 3. Manufacturing 8. Social Assistance 4. Real Estate 9. Insurance 5. Consulting Though it's difficult to speculate just how the Dakota Access Pipeline might have affected the growth of related businesses in 2017, it's undeniable that it resulted in major changes for North Dakota's economy, and thus has affected other industries in the state as well. Reports conclude that the first five months of the pipeline's operations resulted in state tax revenues increasing by around $43.5 million.

Ohio 1. Social Assistance (200%) 2. Insurance (166.7%) 3. Health Care (162.5%) 1. Finance (-20%) (38%) 3. Accommodations (42.9%) Industries with Largest Volume of New Though the cities of Cincinnati, Columbus, and Cleveland all saw growth in the biggest moving industries in 2017, according to the Swyft database, Cincinnati specifically hosted major health care and construction initiatives. Many lucrative projects went underway this past year, from the $34 million renovation of Kowalewski Hall at the University of Cincinnati to the $3.1 million contribution to the Trauma Center and Surgical Intensive Care Unit at the UC Medical Center from the Marge & Charles J. Schott Foundation. 3. Transportation Oklahoma 1. Finance (600%) 2. Technology (450%) 3. Wholesale (400%) 1. Manufacturing (-57.1%) 2. Accommodations (-40%) 3. Tie: Social Assistance and Rental & Leasing (-33.3%) 3. Real Estate 1. Insurance 2. Warehousing The finance, technology, and wholesale industries saw the strongest year-over-year growth from 2016 to 2017 in Oklahoma, according to the Swyft Filings database. However, those industries didn't account for the largest volume of new businesses. The retail and construction industries, though seeing a much lower percentage of growth (0% and 3.1% respectively), had the largest volume of new businesses in 2017 compared to other industries in the state.

Oregon : 1. Insurance (200%) 2. Rental & Leasing (157.1%) 3. Construction (109.5%) 1. Manufacturing (-70%) 2. Entertainment (-63%) 2. Consulting 1. Warehousing 3. Real Estate (-38.5%) In light of the manufacturing industry's decline in growth in Oregon, the state government reportedly invested thousands of taxpayer dollars to promote CLT (cross-laminated timbers) as the material for new building and construction projects. In early 2017, Portland opened the tallest wood building in the nation, and more project propositions have followed. According to the Swyft Filings database, Portland and surrounding cities saw the most growth in the construction industry last year. Pennsylvania 1. Rental & Leasing (211.8%) 2. Wholesale (211.1%) 3. Insurance (100%) 3. Real Estate 1. Warehousing (-100%) 2. Accommodations (-40%) 3. Manufacturing (-35.5%) By growing 97.1%, the construction industry accounted the higher volume of new businesses compared to other industries in Pennsylvania in 2017, according to the Swyft database. While the wholesale industry saw the second highest percentage growth, it still accounted for fewer new businesses than over half of the other industries in the state.

Rhode Island 1. Transportation (200%) 2. Healthcare (200%) 3. Food Service (200%) 1. Social Assistance (-100%) 2. Consulting (-60%) 3. Tie: Professional and Technology (-33.3% each) 3. Food Service 1. Rental & Leasing 5. Manufacturing 2. Wholesale 6. Accommodations 3. Insurance 7. Warehousing 4. Finance The consulting industry in Rhode Island went from accounting for the largest volume of new businesses (compared to other industries in the state) in 2016 to being outranked by the real estate, food service, retail, and construction industries in 2017. It also grew at less than half the rate in 2017 than in 2016, according to the Swyft database. Coming in just under the consulting industry for amount of new businesses in 2017, the transportation industry saw the largest year-over-year growth. South Carolina 1. Accomodations (300%) 2. Professional (100%) 3. Construction (92.6%) 1. Finance (-75%) 2. Technology (-41.2%) 1. Retail 2. Construction 3. Transportation 1. Warehousing 3. Social Assistance and Manufacturing (-25% each) The Swyft database showed that the manufacturing industry saw some of the slowest growth for the 2017 year in South Carolina. But the state has major plans that might affect those numbers in 2018. Two manufacturing plants (for both Volvo and Mercedes-Benz) are reportedly opening early in the new year and are said to be hiring around 5,300 employees throughout the next few years.

South Dakota : (400%) 2. Real Estate (166.7%) 3. Food Service (100%) 1. Manufacturing (-100%) 2. Insurance (-100%) 3. Wholesale (-100%) 4. Transportation (-100%) 1. Real Estate 2. Construction 3. Consulting 1. Warehousing 4. Accomodations 2. Social Assistance 5. Health Care 3. Rental & Leasing 6. Finance The Swyft Filings database shows that almost half of the industries in South Dakota saw either negative or zero percent year-over-year growth from 2016 to 2017, with only nine industries experiencing stronger growth than the prior year. The construction industry, with its 400% growth, became the industry with the second largest volume of new businesses (tied with consulting) in the state in 2017, whereas it saw the lowest number of new businesses in comparison to other industries that saw growth in 2016. Tennessee 1. Food Service (110%) 2. Accomodations (100%) 3. Insurance (100%) 1. Retail 2. Construction 3. Transportation 1. Finance (-33.3%) 2. Rental & Leasing (-27.3%) 3. Consulting (-10%) The rental & leasing industry, which saw a decline in growth in 2017, hinges on how lawmakers choose to enforce statewide regulations. In Nashville, reports say officials are considering banning short-term rentals owned by investors. Though there's a bill from 2017 that would prevent local governments from banning such rentals, it has not yet been approved by the Senate.

Texas 1. Food Service (106.1%) 2. Construction (101.6%) 3. Healthcare (78.8%) 1. Warehousing (-62.5%) 2. Insurance (0%) 3. Manufacturing (6%) Industries with Largest Volume of New Many cities in Texas, especially Houston, experienced devastating damage to homes, retail and business buildings, and infrastructure in the wake of Hurricane Harvey. While the construction industry saw major growth in Texas in 2017, according to the Swyft database, Houston specifically saw some of the highest numbers of new construction businesses. And as 2017 came to a close, the construction industry accounted for the largest volume of new businesses compared to other industries in the state. 2. Consulting 3. Real Estate Utah 1. Wholesale (1,000%) 2. Social Assistance (350%) 3. Rental & Leasing (175%) 1. Insurance (-75%) 2. Manufacturing (-16.7%) 1. Retail 2. Consulting 3. Construction 1. Warehousing 3. Accommodations and Real Estate (-0% each) According to Swyft's database, the wholesale industry saw major year-over-year growth in 2017. While the retail industry also saw growth (68%), it has (and still does) account for the largest volume of new businesses in Utah compared to other industries. Carrie Mayne, chief economist for the Department of Workforce Services in Utah, has reportedly attributed the growth in both the retail and wholesale industries to a busy and strong 2017 holiday season.

Vermont : 1. Entertainment (200%) 2. Consulting (200%) 3. Technology (200%) 1. Accommodations (-100%) 2. Warehousing (-100%) (-83.3%) 2. Consulting 3. Entertainment 1. Health Care 6. Insurance 2. Food Service 7. Manufacturing 3. Professional 8. Rental & Leasing 4. Finance 9. Social Assistance 5. Wholesale Vermont saw positive growth across almost every tracked industry in 2017. According to Swyft's database, Vermont saw the highest number of industries that grew in 2017 but not 2016. Warehousing and accommodations are the only two industries to experience no year-over-year growth, and retail is the only growing industry to form fewer new businesses in 2017 than the year before. Virginia 1. Manufacturing (150%) 2. Entertainment (133.3%) 3. Tie: Rental & Leasing and Warehousing (100%) 1. Consulting 3. Real Estate 1. Insurance (-66.7%) 2. Wholesale (-25%) 3. Finance (-16.7%) According to Swyft's database, the industries with the most movement also happen to account for a far lower number of new businesses than other industries in Virginia. While the consulting, retail, and real estate industries saw the largest volume of new businesses in 2017, their growth was much more subtle (28.9%, 26.5%, and 36.4% respectively).

Washington 1. Accomodations (150%) 2. Wholesale (75%) 3. Construction (56.7%) 1. Consulting 2. Construction 3. Real Estate 1. Insurance (-40%) 2. Social Assistance (-30.8%) 3. Rental & Leasing (-28.6%) According to Swyft's database, the construction industry's growth in Washington in 2017 elevated it's rank as the industry accounting for the second largest volume of new businesses in Washington compared to other industries in the state. Associated Builder and Contractors (ABC), however, ranked Washington state as the second worst environment for construction companies, with considerations to construction-related state policies, wages, and workforce development. West Virginia 1. Professional (400%) 2. Transportation (250%) 3. Entertainment (200%) 1. Wholesale (-100%) 2. Social Assistance (-75%) (-18.2%) 1. Retail 2. Entertainment 3. Transportation 1. Food Service 4. Insurance 2. Construction 5. Accommodations 3. Finance 6. Warehousing Despite the retail industry's decline in growth from 2016 to 2017, according to the Swyft database, it still accounts for the largest volume of new businesses (tied with the entertainment industry) compared to other industries in West Virginia.

Wisconsin : 1. Rental & Leasing (271.4%) 2. Insurance (200%) 3. Healthcare (133.3%) 1. Accommodations (-100%) 2. Social Assistance (-86.7%) 3. Health Care 1. Warehousing 3. Professional (-28.6%) Though the Swyft database revealed more modest growth for the construction industry (72.5% growth) than other big moving industries in Wisconsin, 2017 was a very good year for construction: 1) the industry accounted for the largest volume of new businesses in the state last year, and 2) the ABC reported that the construction industry's unemployment rate in Wisconsin hit record lows in November of 2017. Wyoming 1. Rental & Leasing (100%) 2. Accomodations (100%) 3. Entertainment (66.7%) 1. Wholesale (-87.5%) 2. Tie: Manufacturing, Healthcare, and Real Estate (-66.7%) 1. Consulting 2. Technology 3. Professional 1. Warehousing Declines in oil and natural gas prices, as well as decreases in coal production, resulted in almost 9,000 mineral extraction jobs lost in 2016. And in 2017, Wyoming's population decreased for the first time since 1990. According to the Swyft Filings database, the real estate industry took a major dip, falling in rank from serving as the industry with the second largest volume of new businesses in 2016, to having only the seventh largest volume of new businesses in 2017.

Methodology: SwyftFilings.com analyzed over 55,000 new businesses between the years of 2016 and 2017. By looking at the number of new businesses in each state by industry that were formed in 2016 versus 2017, Swyft Filings determined new business growth rate. Swyft Filings also looked at volume of businesses formed in each industry to determine the total volume of each industry s new businesses. Metrics: 1) Growth: New businesses formed in 2017 in each specific industry versus new businesses formed in 2016. 2) Size/Volume: The total number of businesses formed in 2017. 3) by State: Swyft ranked 18 industries in each state by looking at the change in new businesses formed in 2016 vs. 2017. The biggest movers had the largest percent increase in new businesses formed in that state compared to the previous year. #1 saw the most amount of growth and is therefore the biggest mover. 4) by State: The industries in each state that formed the least amount of new businesses compared to other industries are the slowest movers. #1 saw the least amount of growth and therefore is the slowest mover. 5) by State: Swyft ranked 18 industries in each state by number of new businesses formed in 2017 for total volume. #1 has the most new businesses formed in that state. 6) by State: In each state, industries tracked in Swyft s database sometimes saw no new business formations in 2016, but did see new business formations in 2017. #1 has the most new businesses formed in that state compared to other industries that grew in 2017 but not 2016. About Swyft Filings Each year, Swyft Filings helps tens of thousands of companies with filing and compliance in all 50 states. Swyft Filings makes it easy for small businesses and consumers to form corporations, LLCs, and nonprofits by automating the business filing process and providing management solutions.

If you have a question or feel there was a problem with the service you received, please contact us at info@swyftfilings.com or 1-877-777-0450. A customer service representative will be happy to make every effort to answer your question or resolve the issue to your satisfaction. If the issue should ever involve a filing error made by Swyft Filings, we will be happy to make the needed corrections as quickly as possible at no additional cost to you. State of Swyft State Report