Business Boom Under Biden: New Applications Skyrocket 85%, Accelerating Minority-Owned Firm Growth
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Nearly 16 million new business applications have been filed since the start of the Biden-Harris Administration, an 85% increase compared to pre-2021 levels.
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Over 5 million of the new applications are from employer businesses likely to generate jobs, a 35% increase over pre-2021.
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Business establishment births reached an unprecedented 4.1% of total establishments in 2022, pointing to sustained high business formation.
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The annual growth rate of private industry establishments surged to nearly 6% in 2022, faster than any year in the last quarter-century.
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Minority-owned business growth has accelerated, with Black business ownership rising faster from 2019-2022 than any 3-decade stretch.