Business Application Report

The Pandemic Created A New Business Boom Across the U.S.

Americans are turning to entrepreneurship in the face of Covid-19

  • 39.4% The year-over-year percentage increase in business creation across the U.S.
  • 423K The number of businesses created in February 2021
  • 49 The number of states that experienced an increase in business applications in February 2021 compared to the same period last year.

The challenges of the past year have led to a record-breaking number of Americans turning to entrepreneurship. By analyzing data highlighting business applications across America, we discovered that since the onset of the pandemic business creation has been at an all-time high.

Covid-19 had a profound impact on the lives of people across the globe. For many in the U.S. specifically, their personal circumstances have shifted dramatically and it’s those changing circumstances, combined with a rapidly evolving business environment, that is believed to have caused such an incredible spike in new business creation.

Business Creation Since 2005

While the growth curve of new business applications has been steadily increasing since 2013, the onset of the pandemic triggered a spike in new business creation that surpasses anything witnessed in the previous 15 years.

Business Creation By State

We analyzed the number of business applications made in each state during February 2020 and February 2021 for a year-on-year comparison. Mississippi saw the largest proportional increase, with a 103% rise in business applications. The growing appetite for entrepreneurship seems especially strong in the south, as Louisiana and Georgia joined Mississippi by ranking second and third respectively.

This table shows the number of new businesses created in each state in February 2020 and February 2021. It can be sorted by state, year, or percentage change.

The Top 10 States

Focussing purely on volume, Florida leads the way with 50,972 new businesses created in the state during February of this year. California ranks second and Texas third as the most populous states experience a surge in entrepreneurship.

Methodology

We analyzed business applications across each state using business formation statistics verified by the U.S. Census Bureau. For annual comparison data we compared February 2020 to February 2021 at state level.

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Business Application Report
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https://topagency.com/report/business-application-report/
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TOP Data

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