Montana Small Business Statistics: 2026 Industry Data

Montana small businesses drive more of the state's economy than in any other state in America. According to the SBA's 2025 State Profile, the Big Sky Country is home to over 141,000 small firms, and its GDP has nearly doubled since 2019. Here's what the latest data reveals.

Montana Small Business Statistics at a Glance

These numbers come from the SBA Office of Advocacy's 2025 State Profile, built on the most current federal datasets available.

• Montana has 141,011 small businesses, representing 99.2% of all businesses in the state.
• Small businesses employ 264,567 workers in Montana, accounting for 66.3% of the state's entire workforce; the highest small business employment share of any U.S. state.
• Between March 2023 and March 2024, small businesses created a net 3,827 jobs, representing 98.4% of Montana's total net employment growth over the period.
• Women own 46.4% of Montana businesses and make up 46.6% of the workforce. Veterans own 8.5% of businesses, and Hispanic entrepreneurs own 2.6% of firms statewide.

Montana's Economy and Business Growth in 2026

Montana business growth has been remarkably strong. The state's economy has nearly doubled since 2019, and new business filings keep climbing year after year.

• Montana's gross state product (GSP) reached approximately $78.4 billion in 2024, up from $47.2 billion in 2019.
• On an inflation-adjusted basis, Montana's real GDP hit $58.5 billion in 2024 and grew about 2.0% from 2023 to 2024.
• Per capita personal income in Montana rose to $63,918 in 2023, ranking 28th among U.S. states.
• The population of Montana reached an estimated 1,144,694 residents as of July 2025. That's roughly a 5.6% increase since 2020, fueled by in-migration into fast-growing counties like Gallatin and Flathead.
• The Montana Secretary of State reported 63,808 new businesses created in 2024, up from about 60,000 in 2023. More than 324,000 businesses across the state are currently in good standing.
• On average, about 80% of new Montana businesses survive their first year, and 52% are still operating after five years; survival rates that exceed national averages at the five- and ten-year marks.

Montana Key Industries in 2026

Montana's key industries span agriculture, tourism and outdoor recreation, healthcare, energy (oil, gas, and coal), timber, and a growing technology sector. Here's how they stack up by economic impact.

• The largest industry in Montana by contribution to real GDP is real estate, rental, and leasing, which generated about $8.5 billion in 2024, roughly 14.5% of state output. Government ($7.8 billion) and educational services, health care, and social assistance ($6.5 billion) round out the top three.
• Montana's main industry has historically been agriculture, but the economy has diversified significantly. Agriculture, forestry, fishing, and hunting now account for about 3.7% of the state's real GDP.
• The major industries in Montana by employment share include trade (wholesale and retail) at 16.2% of all state employment, healthcare at 15.0%, and leisure activities (including tourism-related industries) at 14.4%.
• Montana ranks third in the nation for craft breweries per capita, with about 12.8 breweries per 100,000 adults aged 21 and over.

How Much Money Does Montana Make From Tourism?

Tourism is one of Montana's fastest-growing industries and a major driver for small businesses across the state.

• Nonresident travelers spent an average of about $5.28 billion per year in Montana across 2023 and 2024. In 2024 alone, their trips generated a total economic contribution of more than $6.1 billion when indirect and induced effects are included.
• Tourism directly supported an estimated 38,240 Montana jobs and generated more than $308 million in state and local tax revenues in 2024.
• Montana's outdoor recreation sector contributed about $3.4 billion in economic output in 2023, accounting for 4.6% of the state's GDP; the third-highest outdoor recreation share of any U.S. state.
• In 2024, an estimated 13.8 million nonresident visitors traveled to Montana, drawn by attractions like Yellowstone and Glacier National Parks.

Montana Small Businesses by Industry

Not all industries are shaped the same in Montana. Construction leads in the number of small firms, but accommodation and food services employ the most small business workers by a wide margin.

Industries With the Most Small Businesses in Montana

• Construction leads with 21,283 small businesses.
• Real estate, rental, and leasing follows at 18,200 small businesses.
• Professional, scientific, and technical services account for 17,901 small businesses.
• Other services (except public administration) total 13,557 small businesses.
• Retail trade rounds out the top five with 11,420 small businesses.
• On the other end, utilities remain one of Montana's smallest small business sectors, with just 167 small firms.

Industries With the Most Small Business Employees in Montana

• Accommodation and food services employ 44,677 small business workers, reflecting Montana's strong tourism economy.
• Health care and social assistance follow at 41,126 small business employees.
• Retail trade employs 31,891 workers at small firms.
• Construction accounts for 29,217 small business employees.
• Other services (except public administration) employ 16,845 workers at small businesses.

Small Business Lending and Exports in Montana

Access to capital and international trade are both critical for Montana's small business growth.

• In 2023, banks reporting under the Community Reinvestment Act issued $397.7 million in small business loans to Montana firms with revenues of $1 million or less. Total new business lending through loans of $1 million or less reached $1.1 billion.
• Montana had 1,397 small business exporters in 2023, making up 87.5% of all exporting firms in the state. Those small exporters generated $1.1 billion in goods exports, or 57.6% of Montana's total identified goods exports of $1.9 billion.

Best Businesses to Start in Montana (2026)

Looking for the best business to start in Montana? Market demand and growth trends point toward several high-potential sectors.

• Outdoor recreation guide services are a natural fit, given Montana's booming outdoor economy and record-breaking visitor numbers year after year.
• Craft food and beverage production continues to grow. Breweries, distilleries, and artisan food producers benefit from Montana's nationally recognized craft beer scene and strong local demand.
• Remote IT consulting and tech services represent a fast-growing opportunity. Montana's information industry has more than doubled its real GDP contribution since 2014, making it the fastest-growing major industry in the state by decade-long growth.
• Property management is booming, driven by Montana's surging real estate market and steady population growth.
• Healthcare-related services are increasingly in demand as the state's population grows and ages, creating opportunities in home health, telehealth, medical staffing, and senior care.
• Tourism-adjacent businesses also rank among the best businesses to start in Montana. Record-level nonresident visitation creates consistent demand for lodging, dining, transportation, and experience-based services.

Why Montana Is a Great State for Small Business

Several structural advantages make Montana especially attractive for entrepreneurs looking to launch or relocate a business.

• LLC formation costs are among the lowest in the country, and annual report fees were waived for on-time filers in 2025. No state sales tax means less complexity for retailers and service businesses.
• Steady population growth since 2020 has brought new customers and workforce talent into communities like Bozeman, Missoula, Kalispell, and Helena, expanding the addressable market for local businesses.
• Over the last five years, the Montana SBDC network has helped launch 366 new businesses, counseled 7,195 clients, delivered 438 training seminars, and assisted entrepreneurs in accessing more than $157 million in financing.

Montana LLC Formation Costs and Business Taxes

If you're ready to turn Montana's small business stats into action, here's what formation and taxes look like in the state.

• To form an LLC in Montana, you must file Articles of Organization with the Secretary of State and pay a $35 state filing fee. For a full walkthrough, see our guide on how to start an LLC in Montana.
• State law requires that every Montana LLC designate a Montana registered agent available during regular business hours at a physical address within the state.
• Filing a DBA (Assumed Business Name) costs $20 through the Secretary of State.
• Montana corporations are subject to the corporation license tax at a flat rate of 6.75% of taxable income, with a $50 minimum.
• Income from partnerships is distributed to the individual partners, who then pay tax on the amount distributed to them on both their federal and state returns.
• Before filing, you can verify your desired business name through the Montana business entity search portal.

Montana Small Business FAQ: Industries, Taxes, and Formation

These are the questions Montana entrepreneurs and future business owners ask most often, based on Google search data and direct feedback from our readers.

Sources

• SBA Office of Advocacy, Montana 2025 Small Business Profile – Primary source for small business counts, employment, industry breakdowns, lending, and export data.
• U.S. Bureau of Economic Analysis (via USAFacts) – State GDP, real GDP growth, and industry-level economic output data.
• U.S. Census Bureau, QuickFacts: Montana – Population estimates, demographic trends, and per capita income.
• Montana Secretary of State, Business Filing Fees – LLC formation fees, DBA costs, and annual report filing requirements.
• University of Montana, Institute for Tourism and Recreation Research – Nonresident visitor spending, tourism employment, and economic contribution data.
• Montana Department of Labor and Industry – Industry employment shares, GDP composition, and business survival rate analysis.