Something really interesting has been happening during the pandemic. Faced with layoffs and inadequate work prospects—but armed with technology and access to high-speed internet like never before—hundreds of thousands of people started businesses in 2020.
The trend is continuing into 2021. According to data from the U.S. Census Bureau and the Federal Reserve Bank of St. Louis, new business applications have surged to record highs since last spring. Over 423,000 were filed in February 2021 alone, a 42% increase from the number a year ago.