We’ve reported previously on the Business Beat that the last quarter of 2020 was a really robust one when it comes to business startups in the U.S.
In a new report by the Visual Capitalist, new data from the U.S. Census Bureau reveals that the entrepreneurial spirit is alive and well in the United States, and the upward trend continues.
In fact, there were 492,133 new business applications filed in January 2021.
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Good morning!
We’ve reported previously on the Business Beat that the last quarter of 2020 was a really robust one when it comes to business startups in the United States; something that might be counterintuitive, yet it’s so.
In a new report by the Visual Capitalist, new data from the U.S. Census Bureau reveals that the entrepreneurial spirit is alive and well in the United States, and the upward trend is not just a modest increase. In fact, there were 492,133 new business applications filed in January 2021. The streak continues: that’s an increase of over 73% in business application filings year-over-year.
A closer look at the growth and new business applications filed in January 2021 over December 2020, the previous month, region by region reveals the following:
The Midwest led the way in filings of new business applications, up 48%. Prior to the pandemic, new business startups were actually on the decline, but in times of crisis, as we have said previously on the Business Beat, there is often opportunity.
And people have become wildly innovative during COVID-19.
Why?
Well, many believe that the loss of jobs and loss of income has driven people to pursue entrepreneurial endeavors, to either supplement income or in the pursuit of a new primary source of income entirely.
The Visual Capitalist report also provides insight into what types of businesses are trending. This is interesting: new business startups in retail trade lead the way at 101,000 new applications in January. And of those, most are online retailers.
Professional services follows as the next most popular, then it’s construction, transportation and warehousing.
So, look, if you were thinking about starting a business and wondering if now’s a good time, well many feel that this is one of the best times in years to start a new business. So, get in on the action and start it up!
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
