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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