Business and industry growth has been taking place throughout Howard County over the past few years. According to a study recently conducted by LendEDU using U.S. Census Bureau data. The data showed Big Spring is ranked number 11 in the state and 251 in the country for number of business openings in recent years.
According to data that reflects growth across the nation – business openings and closings – Big Spring netted 13 business openings between 2015 and 2016. This report from the U.S. Census Bureau was released July 31, 2019 and is the most recent report available. Overall, Big Spring had 69 businesses open and only had 56 businesses close during that time.
“Big Spring has netted one of the highest numbers of business openings out of any place in the country is a testament to the economic environment that has been cultivated,” Teresa Darden, Associate Director at the Big Spring Economic Development Corp., said.
New business is a positive sign of growth in a community, whether it be a large corporation bringing in hundreds of jobs or a small, family-owned business; regardless of the size new jobs created brings revenue and economic health to a community. In addition to the business profit, there will be additional tax revenue for the local government, increased foot traffic in the area and for other businesses and increased options for local consumers.
According to the BSEDC, each city was ranked according to its net number of business openings, meaning the number of business openings minus the number of business closings over the same period of time.
The data showed that in the state Big Spring has seen more business growth than surrounding areas, including Midland, Odessa and Sweetwater. According to the report, Midland is ranked 29 in the state and 462 nationally; Odessa is ranked 57 in the state and 711 in the nation; and Sweetwater is 17 in the state and 373 in the nation.