Business formation surged last year, confounding expectation

Business formation surged last year, confounding expectations


Americans are hatching many new businesses, confounding expectations
By Irina Ivanova
Census data shows surge of new businesses
Even as the coronavirus was surging around the nation, Americans started millions more small businesses last year.
Nearly 4.5 million business applications were filed in 2020 — the highest number on record, and an increase of 24% from the year before, according to an analysis of Census data by the Economic Innovation Group. 
Recessions typically see a drop in business formation as people's personal assets are wiped out. That businesses are forming at such a high rate indicates underlying optimism about the economy, as well as a potential well of new jobs for people once vaccinations are available. 

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