Americans are racing to create new businesses during the pandemic

From CNN: New Business Starts are Up

At a moment of intense uncertainty, Americans are rushing to form new businesses — one positive sign for the economic recovery.

What’s happening: Applications to start businesses in the United States are at their highest level in more than a decade, according to data from the US Census Bureau. For the week ending October 3, the most recent data available, requests jumped nearly 40% from the same week one year ago.

This trend is very encouraging, according to Joseph Brusuelas, chief economist as RSM US. After a deep recession, you want a chunk of displaced workers to feel confident they can take advantage of pro-business conditions like low interest rates and strike out on their own, he said.
“This has been one of the primary catalysts of resilience of the US economy throughout its history,” Brusuelas told me.

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