The number of new businesses launching in both Missouri, and across the country, is surging.
Last year, the Census Bureau recorded more than 4 million applications for new businesses. That is an all-time high.
Chuck Gascon, a Regional Economist with the Federal Reserve Bank of St. Louis, said momentum isn’t slowing and Missouri is following the national trend. Last month, entrepreneurs in Missouri filed nearly 7,000 business applications, up about 2,000 from the same time in 2019.
According to Gascon, most of the growth is in the e-commerce industry, including sellers on marketplaces like Amazon and Etsy. But industries across the board are seeing an increase in new businesses.
“A lot of that is probably due to the fact that there’s a lot of aid out there, households have more income,” said Gascon. “They’re able to actually form businesses in ways they couldn’t before. At this point I think it’s a really positive sign and a bright spot for the economy going forward.”
Hear more from Gascon and read the full article here.