More prospective new businesses were formed in 2020 than ever before
Kamil Krzaczynski/AFP via Getty
- Bloomberg reports that the number of prospective businesses filing formation paperwork was almost a quarter higher in 2020 than 2019, citing a Census Bureau analysis of federal tax documents.
- While paperwork initially dropped after lockdowns began in March, it began to pick up in June.
- University of Maryland economist John Haltiwanger told Bloomberg that 2020 had the "highest annual total on record."
- Some may be creating businesses after losing a job: Over 10 million Americans are unemployed, and the unemployment rate in December was 6.7%.
- Small businesses have found themselves in a tough position as bigger businesses boom, but the rise in new business formation — and the possibility they'll bring in new employees — is promising.
- For those looking to start a business right now, industries like fitness equipment, contactless food ordering, and educational technology are all strong bets.
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