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by ken knickerbocker
Image via iStock.
Over the past three years, the country has experienced an unprecedented boom in small and medium-sized businesses, with nearly 16 million new business applications submitted.
Over the past three years, the country has recorded an unprecedented boom in small and medium-sized businesses, with nearly 16 million new business applications filed during this period, writes Rhett Battle. forbes.
This represents a nearly 85% increase in the average flow of monthly applications compared to the period from 2004 to January 2021, when the U.S. Census Bureau began tracking business formation statistics.
Growth in entrepreneurship has been particularly pronounced among women, Latinos, and Black Americans. The percentage of Black households that own businesses more than doubled from 5 percent to 11 percent between 2019 and 2022.
Meanwhile, Latino ownership increased from 7% to 10% over the same period.
The largest growth was recorded in the number of women-owned businesses, which outpaced the growth of men-owned businesses by 94% from 2019 to 2023.
One of the reasons for the boom is the efforts of the Biden-Harris administration’s investment agenda in the United States.
“Policies like the bipartisan Infrastructure Act move this positive momentum forward,” said Walt, co-chair of Small Business for America’s Future and president of Susquehanna Glass Company in Lancaster.・Mr. Rowen said.
Read more about the small business boom forbes.
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