The study reports a significant 30% increase in new business applications compared to pre-pandemic figures. This upsurge is viewed by John Lettieri from the Economic Innovation Group as a robust revival of business dynamism.
The research indirectly emphasizes the potential influence of President Biden’s $1.9 trillion American Rescue Plan on this entrepreneurial boom. Jared Bernstein, a member of Mr. Biden’s Council of Economic Advisers, argues that the Rescue Plan has fostered a supportive environment for entrepreneurs.
The study also draws a connection between these trends and reported labor shortages. It suggests that existing firms are competing with start-ups for employees, further indicating the vibrancy of the current entrepreneurial landscape.
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