Well-known startups like WhatsApp, Venmo, and Slack were founded in the throes of the 2008 Great Recession. Some optimists think a COVID-19 recession could spur even greater entrepreneurial innovation and resourcefulness.
In a new study, SmartAsset analyzed Census Bureau data to see how the COVID-19 crisis is affecting new business applications in the U.S. It turns out that, in general, requests for applications have fallen in the majority of states, though the severity of these declines varies greatly.
And, here in the Granite State, while requests for new business applications are down, they are not down by as much as the nationwide average decrease of 14.5%.
An economic downturn can be a daunting time to launch a business and may lead aspiring business owners to put their plans on hold. To explore the states with the smallest declines in new business applications, SmartAsset compared the number of applications filed by mid-April in 2020 to the average number of applications filed by mid-April over the previous five years (2015-2019).
The full report, including the methodology, key findings, and additional infographics, can be found here: https://smartasset.com/checking-account/covid-19-crisis-new-business-applications-in-america-2020.
Current Issue - April 2024