Americans are starting new businesses at a rapid clip — and that's a great sign for the economy.
By the numbers: There were 5.4 million applications to start companies in 2021, a 53% jump from pre-pandemic levels in 2019, according to census data.
What's happening: A slew of factors are coming together to create an environment ripe for entrepreneurship.
Worth noting: This small business boom comes after one of the least entrepreneurial decades in U.S. history, the 2010s.
Between the lines: Many of the people quitting their jobs as part of "the Great Resignation" are doing so to start their own companies.
Yes, but: Even though entrepreneurship is surging, the majority of the businesses people are starting during this boom will fail, Haltiwanger says.
Fun fact: One study found that Google searches for "how to start a small business" jumped 124% in the first six months of the pandemic.
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