A new data set from the U.S. Census Bureau proves that the end of last year followed a similar pattern to what experts were seeing throughout: Americans officially filed more applications for new businesses in 2020 than in any year prior.
End-of-year data show that in 2020, new business applications were up 24% from 2019 and were 51% higher than the 2010-2019 average. Applications were up in Pennsylvania by nearly 24% more than in 2019, and high-prosperity business applications — those identified by the Census Bureau to be the applications that are most likely to turn into businesses with paid employees — were up nearly 16% in the state compared to 2019.
This, amid a pandemic and recession, when small businesses across the country have been scrambling for relief or closing altogether?
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