Increase In Business Formation Under the Biden-Harris Administration

Under the Biden-Harris Administration, the United States has witnessed a significant surge in business formation, with 16 million new business applications recorded since their term began. This marks an 86% increase compared to the average annual growth rate before their administration. Moreover, there has been a substantial increase in the number of private establishments. Small businesses have played a crucial role in the job creation, adding 7.2 million jobs from 2021 to 2023, particularly benefiting women and minority entrepreneurs.

Black and Latino business ownership has seen remarkable growth. Additionally, the number of women-owned businesses has surged, outpacing the growth of men-owned businesses significantly. The growth in business formation has been observed across various industries, including retail, professional services, and construction, as well as in innovative sectors like nanotechnology, biotechnology, and engineering.

This latest White House report outlines the surge of small businesses in America and showcases how the Biden-Harris agenda set the stage for this surge in small business activity. Prioritizing pandemic response efforts, enhancing financial stability for Americans, and disbursing over $450 billion in emergency aid to small businesses, the Biden-Harris Administration has played a pivotal role in fostering an environment for growing businesses and increasing jobs.