Analysis: Hawaii has nation’s lowest rate of Millennial-owned businesses

Analysis: Hawaii has nation’s lowest rate of Millennial-owned businesses
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HONOLULU, Hawaii (HawaiiNewsNow) - Hawaii has the nation’s highest percentage of businesses owned by Baby Boomers, and the lowest percentage owed by Millennials, a new analysis finds.

WorkWise crunched the numbers based on Census data as a way to highlight which states are attracting older business owners ― and younger ones.

The findings come amid growing concern about Hawaii’s so-called “silver tsunami,” the aging of the state’s population in the coming decades.

[Read more: What’s up with Hawaii’s incredible shrinking civilian labor force?]

WorkWise found that just 3.6% of businesses in Hawaii are owned by Millennials.

That’s by far the lowest rate in the nation. South Carolina comes in at no. 2, with 4.3% of businesses owned by those born between 1981 and 1996. New Hampshire was third lowest, with 4.5%.

Meanwhile, Baby Boomers ― those born between 1946 and 1964 ― make up 57% of business owners in Hawaii, according to the analysis.

Generation Xers make up 39%.

This story will be updated.

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