A report from the Kauffman Foundation that shows that Montana, for the third year in a row, has been named the top state for entrepreneurial activitywith 540 new entrepreneurs for every 100,000 adults in a given month. This was up from 490 new entrepreneurs in a given month in last year’s report. The report also showed that Montana’s start up density, which measures the number of startup firms per 100,000 residents, was up from 184.7 last year, to 195.7 in this year’s report.

“As Montana’s economy continues to outpace the nation, it is the entrepreneurial spirit that provides much of our state’s success,” Gov. Steve Bullock said. “These entrepreneurs have a good idea and the courage to take the risk to make it a reality. I’m pleased that Montana continues to lead the nation in helping these innovators succeed.”

The annual ranking was published by the Kauffman Index of Startup Activity, a leading indicator of new business creation in the United States.