What happened: The Midland metro ranked No. 3 among small metropolitan areas in a new national study measuring the best places for small businesses to succeed. The ranking, released by CoworkingCafe, evaluated 286 metro areas across the country using factors such as business formation, small business density, GDP growth, labor force participation, and unemployment.

The big picture: Midland’s strong economic growth, high rates of business creation, and a labor market that continues to outperform national benchmarks drove its ranking. Among metros with fewer than 500,000 residents, Midland placed behind only two other communities nationwide.

Researchers noted that Midland’s combination of strong business creation, low unemployment, and an active workforce creates favorable conditions for entrepreneurs and small business growth.

By the numbers:

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  • Midland posted the fastest GDP growth among small metros at 68.6%, ranking No. 1 nationally in that category.
  • The metro recorded 2,001 new businesses per 100,000 residents, compared to the national average of 1,553.
  • Midland had 14,638 small businesses per 100,000 residents, well above the national average of 10,376.
  • Small businesses accounted for 59.1% of local employment, compared to 45.9% nationally.
  • Self-employed business owners represented 12.1% of Midland’s workforce, above the national average of 10.2%.
  • Midland’s labor force participation rate reached 69.8%, compared to the national average of 63.5%.
  • Unemployment stood at 2.4%, below the national average of 3.3%.
  • Median earnings reached $52,227, compared to the national figure of $46,151.