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One might think that people would be more reluctant to take the risk of starting a new business during the COVID-19 pandemic. There has never been a more difficult time to run a business in our nation, with business owners being forced to pivot as best they can to stay up to date with ever changing consumer demands, new regulations and numerous other challenges. However, while it may seem counterintuitive, there has actually been a significant rise in the number of new businesses starting.
According to the Census Bureau, there were 4,406,824 business formations in the United States in 2020, a 26.8% increase over 2019. If we just looked at the second half of the year after the pandemic struck, then the increase was actually 53.7% over the second half of 2019. In Massachusetts alone, there were 62,655 business formations in 2020, which is a 9% increase. However, there was a 31% increase in the second half of the year when compared to the second half of 2019.