Indiana's small businesses are thriving in these booming industries

• Indiana's most successful industry for small businesses is Construction, with 65,402 prospering in 2023
• The Professional, Scientific, and Technical Services industry is in second place, with 59,822 small businesses operating last year
• The least successful industry for small businesses in Indiana is Accommodation and Food Services, with 16,132 operating last year

New research has found the top five most successful industries for small businesses in Indiana.

Business valuation experts Eton Venture Services gathered data from the U.S. Small Business Administration to analyze the best industries for small businesses for every state. They ranked the industries from highest to lowest number of small businesses to determine the top five for each state.

1. Construction

Indiana's most successful industry for small businesses is Construction, where 65,402 businesses thrived in 2023.

Having a small business in the Construction industry involves the construction of buildings or engineering projects like highways and utility systems. Establishments engaged in preparing sites for new construction and subdividing land for sale as building sites are also included in this sector.

2. Professional, Scientific, and Technical Services

The second-best industry for small businesses in Indiana is the Professional, Scientific, and Technical Servicesindustry, with 59,822 small businesses flourishing last year.

Businesses in this industry engage in activities like legal advice and representation; accounting, bookkeeping, and payroll; architectural, engineering, and specialized design; advertising and photographic services; and veterinary services, among others.

3. Transportation and Warehousing

This industry ranks third, with 54,552 small businesses succeeding last year.

The industry provides transportation of passengers and cargo, warehousing and storage for goods, scenic and sightseeing transportation, and support activities related to modes of transportation. These establishments use transportation equipment, including air, rail, water, road, and pipeline, as productive assets.

4. Retail Trade

Fourth place belongs to the Retail Trade industry, where 53,100 small businesses thrived last year.

These businesses include establishments retailing merchandise without altering the product and rendering services incidental to the sale of merchandise. These establishments sell merchandise in small quantities to the public, consisting of both store and non-store retailers.

5. Real Estate, Rental and Leasing

This industry is among the top five industries for small businesses in Indiana, with 52,654 small businesses in 2023, putting it in fifth place.

In Real Estate, Rental and Leasing, businesses rent, lease, or otherwise allow the use of tangible or intangible assets or provide related services. A major portion of this sector comprises establishments that rent, lease, or otherwise allow the use of their own assets by others, as well as managing, selling, renting or buying real estate for others and appraising real estate.

Chris Walton, President and CEO of Eton Venture Services, has commented on the findings: “Small businesses are the backbone of America's economy, offering innovation and personalized services across diverse industries. Starting a small business requires courage and vision, as entrepreneurs transform ideas into realities that drive local and national growth.

“Owning and maintaining a small business means navigating challenges with resilience and adaptability, creating not just profit but also community impact and job opportunities. Whether in tech, retail, construction or real estate, these enterprises drive economic diversity and embody the entrepreneurial spirit of Americans.”

ENDS

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