Record levels of business growth now
Jacob Zinkula, 23 (1/28/2023; Economy Reporter, Master’s in Journalism from Columbia University; “The pandemic created an American entrepreneurship boom — and it looks like it's here to stay”; Business Insider; https://www.businessinsider.com/entrepreneurship-characteristics-trends-how-start-new-business-america-changed-forever-2023-1) //LVL
The pandemic may have forever supercharged America's entrepreneurial spirit.
Americans filed 5.1 million new business applications in 2022, according to US Census Bureau data, equating to roughly 14,000 new business applications filed every day last year. It marked the second-highest year on record — down slightly from 5.4 million in 2021 — and remained well above the 3.5 million filed in 2019.
Of these applications, 1.7 million were for businesses that are likely to employ workers, according to an analysis by Economic Innovation Group, a bipartisan research organization. This also marked the second-highest year on record and exceeded the 1.3 million filed in 2019. In all 50 states, the number of these applications was higher than pre-pandemic levels.
"The steadiness in application levels exhibited over the course of 2022 offers optimism that the pandemic may have delivered a lasting, positive shock to American entrepreneurship," EIG's Daniel Newman and Kenan Fikri wrote in a report released this week.