Photo Credit: Nampix / Shutterstock
Despite economic headwinds in recent years, including high prices and interest rates, one bright spot has been a surge in new businesses. Across cities nationwide, aspiring and existing entrepreneurs are launching businesses at rates not seen in recent history. This trend defies pressures from high operational costs and limited access to capital, signaling a wave of innovation and adaptability.
Many of these new ventures are born out of necessity—a reminder that challenging times often inspire fresh ideas and creative solutions. Whether driven by shifts in the labor market, evolving consumer needs, or a desire for greater autonomy, entrepreneurs across a wide range of industries have turned obstacles into opportunities and are reshaping local economies in the process.
New Business Applications Over Time
After rapidly rising during COVID, new business applications remain elevated
Source: Simply Business analysis of U.S. Census Bureau data | Image Credit: Simply Business
New business applications have surged to unprecedented levels over the past five years. For much …