WASHINGTON (dpa-AFX) - The U.S. Department of the Treasury has published a new analysis on small business and entrepreneurship in the post-Covid economic expansion. The analysis shows that entrepreneurship has surged during the Biden Administration, and that the role of small business in U.S. economy and labor markets is poised to grow further.
Small businesses have created more than 70 percent of net new jobs since 2019, the analysis shows.
The United States is averaging 430,000 new business applications per month in 2024, 50 percent more than in 2019. The subset of applications for businesses most likely to hire employees has also risen to 140,000 per month, 30 percent more than in 2019.
Multiple measures of business optimism show substantial increases in recent months. More than 70 percent of small business leaders expect revenues to grow over the next year, the most since the pandemic.
According to the analysis, 43 percent of self-employed Americans are female, more than ever before. Black, Asian, and Hispanic shares of self-employed Americans are also near all-time highs.
'President Biden and I know that small businesses are the backbone of our communities,' said Vice President Kamala Harris. 'Thanks to our Administration's historic investments in the success and growth of small businesses, there have been a record breaking 19 million new small business applications since President Biden and I took office - including in overlooked and underserved communities'.
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