Small businesses are booming in the U.S., with a record-breaking number of new applications filed in 2023. This surge in entrepreneurial activity is particularly pronounced in the Southeast and Mountain West regions.
Key takeaways:
- Record-breaking applications: Nearly 5.5 million new business applications were filed in 2023, a significant increase from previous years.
- Job creation: A substantial portion of these new businesses, around 1.8 million, are expected to hire workers, contributing to job growth.
- Regional hotspots: Wyoming, Delaware, and Florida led the nation in new business applications per capita.
- Consumer confidence: A recent survey by American Express revealed that 85% of consumers plan to shop at small businesses this holiday season, indicating strong consumer support.
While filing an application is just the first step, it signifies a positive outlook for small business success in the U.S. economy.