Question: How many new jobs have been created in the U.S. since the pandemic hit in March of 2020?
Answer: 4.4 million
- Based on the chart above, were most of these new businesses likely to hire employees or were they started by solo entrepreneurs?
- Do you know anyone who started a business in the last year?
- Why do you think that so many new businesses were started in the middle of a pandemic?
Behind the numbers (Peterson Institute)
Despite a health catastrophe and one of the worst economic downturns in modern history, startup business activity grew in the United States last year—business startups grew from 3.5 million in 2019 to 4.4 million in 2020, a 24 percent increase. The number of new businesses also increased in Chile, Turkey, and the United Kingdom. Other economies were not so vibrant: New business formation declined by a quarter in Portugal and Russia. Startup activity in China barely budged, growing by 3 percent in the first three quarters of 2020 relative to 2019.
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About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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