Why Somerset County was chosen as one of the top places in Pennsylvania for small businesses
A study released this week chose Somerset County as one of the best places in Pennsylvania for small businesses.
The study by SmartAsset looked at small business income, local income taxes and small business returns throughout the state.
Jobs rebound after COVID:Economy adds 528,000 jobs in July as hiring surges despite high inflation. US recovers all jobs lost in COVID.
Somerset County ranked fifth out of the entire state. The top ranking county was Clarion, which had higher small business returns, more income and similar taxes.
Nearby Westmoreland County also ranked near the top at No. 10.
Under new ownership:Who are the new owners of Laurel Highlands Animal Health veterinary clinic?
"Utilizing IRS data, the analysis measured the percentage of residents in each county that depend on small business income," said Alyssa Annunziato of SmartAsset.
"Somerset County ranked as one of the places where small business representation was highest. These rankings are based on one of the key factors in SmartAsset’s overarching study on the ‘Best Places for Small Business Owners.’"
Rank | County | Small Business Returns | Small Business Income | Income Taxes | Small Business Returns Index |
1 | Clarion | 24.09% | 9.82% | $9,912 | 45.40 |
2 | Montour | 23.45% | 9.33% | $10,276 | 44.19 |
3 | Butler | 22.70% | 9.92% | $9,912 | 42.78 |
4 | Venango | 22.38% | 8.74% | $9,912 | 42.17 |
5 | Somerset | 22.37% | 9.06% | $9,912 | 42.15 |
6 | Susquehanna | 22.22% | 5.12% | $9,912 | 41.88 |
7 | Chester | 22.08% | 8.10% | $9,352 | 41.61 |
8 | Lackawanna | 22.02% | 8.97% | $9,912 | 41.49 |
9 | Lawrence | 21.47% | 12.03% | $10,556 | 40.46 |
10 | Westmoreland | 21.33% | 7.98% | $9,912 | 40.19 |
More small businesses have changed ownership or opened new locations in the last few months in Somerset County.
Stacey and Jeremy Harbaugh recently announced they are the new owners of Laurel Highlands Animal Health near Somerset.
In Hooversville, Down Home Kitchen opened in the former Corden's Tavern last month.
Good eats:Pizza & Family: How friendship helped open Hooversville eatery Down Home Kitchen
Also in Somerset: Alora Therapeutics, Heirloom Pines and Wicked Styles opened earlier this summer.
Economy update
Nationwide, the economy is showing signs of recovery from the COVID-19 pandemic as officials estimate all 22 million jobs lost during the pandemic have recovered.
The unemployment rate fell from 3.6% to 3.5%, matching a 50-year low reached just before the health crisis began in early 2020, the Labor Department said. U.S. employers added 528,000 jobs in July.
July's payroll increases were broad-based. Leisure and hospitality, which includes restaurants and bars, the sector hit hardest by COVID-19, led the job gains with 96,000. Professional and business services added 89,000; health care, 70,000; construction, 32,000; manufacturing, 30,000; and retail, 22,000. Federal, state and local governments added 57,000 jobs.
There are signs the job market could soon soften. Last week, initial jobless claims, a gauge of layoffs, rose to the highest level since November based on a four-week moving average. Tech giants such as Oracle, Amazon, Netflix and Robinhood have all announced significant job cuts recently. And job openings fell to a still-strong 10.7 million in June from a near-record 11.3 million the previous month.
Also, payroll growth is expected to downshift now that the U.S. has recouped all 22 million jobs lost in the health crisis.
Editor's note: Paul Davidson, USA Today, contributed to this report.
This article originally appeared on The Daily American: Somerset County, PA one of the top places for small businesses
