Tons of new business applications are pouring in. What do the numbers look like for your state?

From the U.S. Chamber of Commerce:

"American ingenuity and innovation is back in businesses. Entrepreneurship is booming in the United States. According to the World Economic Forum, total U.S. Business applications doubled in 2020 compared to recent years. In 2021 alone, a record breaking 5.4 million new business applications were filed, and nearly as many 5.1 million were filed in 2022."

This interactive map will show you:

• The increase in new business applications since 2019
• State’s ranking of business applications per capita in each state
• Number of new business applications filed in 2022
• The projected business formations within four quarters
• Percentage of applications projected to become employer businesses

Questions:

1. What factors do you think contributed to the significant increase in new business applications in the United States in recent years?
2. What are some potential benefits and drawbacks of such a rapid increase in new businesses? How might this impact the economy, job market, and local communities?
3. Do you believe that this trend is sustainable, or is it likely to level off in the coming years? What factors might influence the trajectory of new business applications in the near future?
4. How can educational institutions, such as high schools, support and encourage young entrepreneurs who may want to start their own businesses in this environment?
5. Are there specific industries or sectors that seem to be driving the surge in new business applications? Why might these areas be experiencing such growth?
6. What challenges do new entrepreneurs face when starting a business, and how can they overcome these challenges to ensure the long-term success of their ventures?

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We have lots more of these interactive resources in our Interactive Library. Each comes with a worksheet too!

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Check out NGPF's Entrepreneurship mini-unit to give your students an idea of what it would be like to start their own venture.

About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.

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