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Small Business Birth Surge
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Overview
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The pandemic led to a surge in new business formations, with 5.5 million births in 2022. However, there has been a slight decline from 5.7 million in 2021. Florida, Texas, and California were the top states for new business births. Professional services, healthcare, construction, manufacturing, and retail trade were the leading industries.
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How can policymakers support the entrepreneurial ecosystem to maintain business innovation?
How might the decline in new business formations impact the overall economy?
What specific challenges do new businesses face in sustaining their growth post-pandemic?
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