About 450,000 new businesses have opened every month since the onset of Covid-19, which is 50% higher than in 2019 when the number of new businesses opening every month was 300,000, see the first chart below.
The main sectors with significant growth in the number of firms are retail trade, professional services, and construction, see the second chart. Within the retail sector, online shopping accounted for 70% of all applications in 2020.
The bottom line is that the US economy was already the most competitive and dynamic economy in the world, and the level of entrepreneurship and innovation has increased further during the pandemic.
Source: Census Bureau, Haver Analytics, Apollo Chief EconomistSource: Census Bureau, Haver Analytics, Apollo Chief EconomistSource: Census Bureau, Haver Analytics, Apollo Chief Economist
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