The surge in applications for new businesses, which peaked during the pandemic, remains at historic levels in Michigan and across the U.S. Just over 12,000 new business applications were submitted by Michiganders last month, an increase of 7% compared to March 2022, according to new data from the U.S. Census Bureau.
“The pandemic disrupted the lull that American entrepreneurship had settled into after the Great Recession, delivering what now looks to be a lasting bump in early-stage startup activity,” said Kenan Fikri, research director for the Economic Innovation Group, a bipartisan research and policy organization.
