The reopening of the economy has spawned an explosion in new and reopened businesses.
The “chief business of the American people is business,” President Calvin Coolidge said almost a century ago. They are proving him right again as the U.S. emerges from the coronavirus pandemic.
Reopenings increased at the fastest pace in a year, Yelp found, and the number of startups is the highest since at least 2004, other research shows. The federal government’s U.S. Census, for instance, estimated that nearly 450,000 applications to start new companies were filed in June alone. Most won’t actually pan out, but applications are almost twice as high now as they were early in the pandemic.The surge in new businesses actually started around the end of last summer after the economy was partly reopened.
Changes in consumer behavior has also altered the pattern of new business creation in other ways. Take auto care.
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