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By Ken Knickerbocker
Image via iStock.
Over the past three years, the nation has recorded an unprecedented boom in small businesses, with nearly 16 million new business applications submitted.
Over the past three years, the nation has recorded an unprecedented boom in small businesses, with nearly 16 million new business applications submitted in that period, writes Rhett Buttle for Forbes.
This represents a nearly 85 percent growth in the average flow of monthly applications compared to the period between 2004 – when the U.S. Census Bureau started tracking business formation statistics – and January 2021.
The growth in entrepreneurship has been especially high among women, Latinos, and Black Americans. The share of Black households that own a business more than doubled between 2019 and 2022, from 5 percent to 11 percent.
Meanwhile, Latino ownership increased from 7 percent to 10 percent during the same period.
The greatest growth was recorded in the number of women-owned businesses, which was 94 percent greater than the growth of men-owned businesses from 2019 to 2023.
Among the reasons for the boom are the initiatives of the Biden-Harris Administration’s Investing in America Agenda.
“Policies like the bipartisan Infrastructure Act advance this positive momentum,” said Walt Rowen, Small Business for America’s Future Co-chair and President of Susquehanna Glass Company in Lancaster.
Read more about the small business boom in Forbes.
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