Shopify just announced the beta launching of the Shopify Entrepreneurship Index, the world’s first home for data and insights on global entrepreneurship across 40 countries and all U.S. states. The Shopify Entrepreneurship Index measures the economic impact of entrepreneurs in Shopify’s ecosystem on national economies, tracking the fastest growth and greatest contributions. As noted in a Shopify press release, and demonstrated via the data, Shopify powers millions of businesses globally. According to the Index data, which Shopify plans to update quarterly, Shopify entrepreneurs in 2022:
- Supported 5.2 million jobs (+8.3% from 2021)
- Generated $27.7 billion of exports (+7%)
- Contributed $229.3 billion to GDP (+8.8%)
- Created $490.5 billion in economic activity (+8.6%)
West Virginia ranked 43rd on the new Shopify Entrepreneurship Index. Here are the key highlights of economic growth in West Virginia as it pertains to Shopify-powered entrepreneurs and small businesses:
- 2,500 jobs supported (increase of 11.7% YoY) – Represents the number of jobs supported or sustained from merchants who use Shopify’s platform to produce goods and services. This includes merchants’ suppliers and their induced impacts.
- $2.8M exports (decrease of 25% YoY) – The total value in USD of items sold by merchants to people who live outside of their own country or region.
- $313M in GDP impact (11.8% YoY) – Gross Domestic Product (“GDP”): represents the total unduplicated value in USD of goods and services produced by merchants. This includes merchants’ suppliers and their induced impacts.
- $627M in business activity (11.7% YoY) – Represents the gross output (in USD) generated or supported in the economy because of merchants on Shopify. This includes merchants’ revenue, the revenue of merchants’ suppliers who provide materials and services to merchants, and the revenue associated with the supply of household items at the induced level.
Learn more about the methodology and dataset.
Explore the Shopify Index here for more information on leading countries, regions of the U.S., and other important data sets and trends.