According to the Commerce Institute, nearly 5.5 million businesses started in 2023, which was a great year. This is even more than those created during the pandemic, when out-of-work employees were essentially forced to create new businesses. The average is 4.7 million annually, based on U.S. Census data. Based on recent data, new business formation appears to be strong. Business applications for June 2024 were 431,246, an increase of 1.7% compared to May 2024. #IdeaoftheDay
