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New business applications experienced a huge spike in 2021

One economic expert says the pandemic was the perfect time for people to pursue their dreams

While COVID-19 put a great number of businesses in a perilous situation, new data from the U.S. Census Bureau shows that the number of new business applications actually climbed by 20.6% – or 5.4 million – from 2020 to 2021. 

Much of that growth spurt came from entrepreneurs who were looking for ways to cater to Americans who were adapting their buying patterns to the pandemic’s new “normal.”

The startup spike happened coast-to-coast, but the U.S. west (28%) and Northeast...

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