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 grew up with and maintains a love for learning. He graduated from the University of Wisconsin-Green Bay with a degree in Business Administration and worked in sports marketing for a number of years. After living in Texas, Colorado, Tennessee, and Minnesota, the call of education eventually brought Ryan back to his home state of Wisconsin where he was a Business and Marketing teacher for three years. In his free time he likes to spend time with his wife and daughter, play basketball, read, and go fishing. Now with NGPF, Ryan is excited to help teachers lead the most important course their students will ever take.

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