Continue Reading Below
LendingTree researchers revealed on Wednesday which major U.S. cities youngest business magnates are flocking to the most. The report compared the ages of founders when they first embarked on their business venture across the 50 largest cities in the country.
The average age for business leaders starting their companies in the top-ranked cities hovers around 37-38 years old, the analysis revealed. However, millennials, the largest adult generation in the U.S., had the biggest footprint in each city.
New Orleans dethroned Salt Lake City to claim the top spot. The Big Easy was No. 3 in the prior year.
“There are a multitude of resources in the city for new business owners, including incubator programs to assist emerging startups,” the report stated. “Startups have played a major role in the revitalization of New Orleans since Hurricane Katrina devastated the city nearly 15 years ago.”
The average age of founders beginning their ventures in New Orleans is about 37 years old. More than half of the startup founders, however, are millennials, ages 23 to 39. A third of the city's founders are Gen Xers, born between 1965 and 1980. More than 4.5 percent of the city's founders belong to Gen Z, the generation born after 1997.
Salt Lake City slid to second place. The city is comprised of founders “slightly” older than those in New Orleans. Millennials account for 52 percent of the founders in the city, the analysis revealed. Meanwhile, Gen Xers make up 32.2 percent, baby boomers 7.7 percent and Gen Zers 5.6 percent.
"For new entrepreneurs, choosing where to do business could make or break the company."
Philadelphia clocks in at No. 3 with an average age of just under 38 years old. Similar to New Orleans and Salt Lake City, millennials make up the majority of the founders in the city, just over 50 percent. Roughly 4.4 percent of the city's founders are from Gen Z, 34.3 percent belong to Gen X and 9.9 percent are baby boomers.
In comparison, Sacramento, California, and Tampa, Florida, have the oldest founders in the U.S., with an average age of around 41 years old.