Job losses, an evolving business environment, and fresh motivation have all led to a record-breaking number of Americans setting up a business since the onset of the pandemic. A TOP Data study analyzing new business applications across the U.S. reveals that the people of Illinois are at the forefront of the movement, with 16,752 business applications being made in the state during February of this year, the 6th highest in the country.
Key Findings from the TOP Data Study:
Year-over-year business creation across the U.S has increased by 39.4%.
There were 423,095 new businesses created in February 2021 alone.
Illinois had 16,752 new business applications during February 2021, the sixth highest in the country.
A Nationwide Surge
Illinois’ numbers are part of a nationwide surge in new business applications, with the onset of the pandemic triggered a spike in new business creation that far surpasses anything witnessed in the previous 15 years.
State by State Map Findings
TOP Data also did a year-over-year comparison across each state, mapping the percentage change in business applications between February 2020 and February 2021. Illinois’ overall percentage increase was 71.9%. The full findings can be seen below.