Being a resident of Rexburg, Idaho, I thought it would be fascinating to see stats on businesses that started, or at least were filed, within the city of Rexburg. In the year 2000, President Gordon B. Hinkley announced the 2-year university previously called Ricks College to become a 4-year university. The change of the university would change the city of Rexburg for many years.
The announcement of the former Ricks College, a 2-year university, to become BYU-Idaho, a 4-year university did increase the number of new businesses and people in Rexburg.
The main data source for this study was at Idaho Free Public Records Directory. All businesses filed to the Secretary of State will be posted in this webpage. This webpage was crawled to extract the information for this micro-research study.
Date Crawled: 6/8/2017 11:00pm
Total Business Filings: 6,949
New Business Filings by Year
I thought that it would be interesting to look at businesses that were initially filed to the state to become a legal business in Rexburg Idaho. As we can see from the graph below, the bulk of the business filings occurred from 2000+.
However, someone may ask, well the population increased, that explains the exponential growth of business filings in Rexburg since 1995-2016. Let’s look at the population of Rexburg since 1970, according to the U.S. Census. It is rather odd to note that from 1970 until 2000, the growth rate in Rexburg has been nearly perfectly linear. Every year added an additional 296 people to Rexburg during 1970-2000. However, from 2000-2005, there was a 65% population growth in Rexburg. Why? In 2000, President Gordon B. Hinkley announced the 2-year university previously called Ricks College to become a 4-year university. This change grew Rexburg not only in population, but with business filings. Between the years of 2000-2005, the number of new business filings nearly doubled after the announcement of BYU-Idaho.
To answer the prior question, is the increase in new business filings in Rexburg caused by the population growth of Rexburg? There is a 0.92 correlation with the total number of residents and the number of new business filings. However, looking at 5-year to 5-year growth percentages and the new business filings in Rexburg, the correlation is -0.06, no correlation with growth percentages.
Naming Your Business
Often times, those trying to start a business have to go through the tedious process of naming your business. I decided to pull some brief statistics on what the 6,949 businesses named their business. Of course, not all of these 6,949 businesses are active today, but it is interesting to see what letters people use and don’t use as their business name.
In addition to the starting character, it’s also interesting to look at the character count of the business name. The average character count is 22 characters, with the median being 21 characters.
Many will be wondering by now, what happened to those 7,000 businesses. From the graph below, we can see that about 2,000 businesses are current, while 2,000 are existing (meaning they exist but not active) and there are about 1,600 businesses that are dissolved.
From the study above, the announcement of the former Ricks College, a 2-year university, becoming BYU-Idaho, a 4-year university did increase the number of new businesses and people in Rexburg. Additional findings include:
- The bulk of the business filings occurred from 2000+
- From 2000-2005, there was a 65% population growth in Rexburg
- Between the years of 2000-2005, the number of new business filings nearly doubled after the announcement of BYU-Idaho.