Business boom: Record numbers of people are starting up new small businesses

Record numbers of people are starting new businesses, and more and more of them are women and minorities, according to a new study. New business applications jumped in 2020 as the pandemic started, and have continued to be filed at a record pace. More than 5 million applications were filed in 2021 and 2022 and a record 5.5 million new business applications were filed in 2023. Payroll firm Gusto surveyed 1,300 owners who started their small business last year to discover their characteristics. Women made up 49% of the new business owners surveyed.