Pennsylvania Business Opportunities

Philadelphia, PA
Philadelphia, PA[1]

A Quick Glance at Pennsylvania

Pennsylvania, whose nickname is The Keystone State, first obtained its statehood in 1787. With a population of 12,773,801 people, Pennsylvania is the sixth most populated state in the United States.

If you are considering starting your new business in Pennsylvania, you might want to look into one of Pennsylvania's top three most populous cities - Philadelphia, Pittsburgh or Allentown and also in the commonwealth's capital of Harrisburg.

Top Industry

The largest industry in the commonwealth of Pennsylvania is hospitals and nursing and residential care facilities.

  • The gross domestic product (GDP), of this industry, is roughly $28.1 billion and accounts for 4.2% of Pennsylvania's GDP.
  • Hospitals and nursing and residential care facilities also employs 7.3% of Pennsylvania's private workforce.

Small Businesses

In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.

  • There are 2.5 million small businesses, in the commonwealth, of Pennsylvania.
  • Small businesses in Pennsylvania, make up 38.6% of the commonwealth's private workforce.

State and Local Taxes

Listed below are the state and local taxes, for the commonwealth of Pennsylvania, and how they rank against other states in the U.S.

State Tax Rate Avg. Local Tax Rate Combined Rate Combined Rank* Max Local Tax Rate
6% 0.34% 6.34% 33 2%
*Combined Rank is rank from highest to lowest tax percentage

California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.

Additional Information

If you need additional information about how to start a business in Pennsylvania, their official state page might be a good place to start. If you are looking to own your own established franchise in Pennsylvania, we have collected a comprehensive list of companies that are actively looking to expand in Pennsylvania, for you to explore.

References

  1. By Bmoredlj at English Wikipedia - Transferred from en.wikipedia to Commons by Apollo1758 using CommonsHelper., Public Domain
  2. Census.gov
  3. Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
  4. Largest Industry in Each State from 24/7 Wall St.
  5. Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
  6. State and Local Sales Tax Rates in 2017 from the Tax Foundation

City and County Level

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