Thank you to CO–U.S. Chamber of Commerce for providing the content on There Are 4+ Million New Businesses Since the Pandemic Started: Here’s Who They Are.
Data shows the rise in new businesses hasn’t slowed, despite recession fears and high inflation.
While the pandemic was difficult for most business owners, some entrepreneurs seized the opportunity to start new ventures. According to data from the U.S. Census Bureau, over 4.3 million new business applications were filed in 2020, an increase of 24% over 2019.
That trend continues in 2022. The latest report released in August 2022 shows that the rise in new businesses hasn’t slowed, despite fears of a recession, inflation, and general economic uncertainty. July 2022 saw new businesses increase by 3.1% compared to June 2022. Here are some key insights the Census Bureau report and other industry experts revealed about the environment for post-pandemic startups.
Which industries saw the greatest growth?
The U.S. Census Bureau tracks new business applications according to their assigned North American Industry Classification System (NAICS) code. The NAICS code broadly identifies the industry in which the new business will compete for market share.
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