Report: COVID has led to small business boom
The COVID-19 pandemic has had a devastating impact on the economy – both in Michigan and the U.S. In Michigan, unemployment claims have consistently been higher than average for months. More than 400,000 people were unemployed in the state as of August, the most recent month for which data is available.
Yet, there is a bright spot amid the economic devastation. A report from the U.S. Census Bureau shows that while people are out of work, many of them are turning their side-hustles into new businesses.
During the second and third quarters of 2020, there were more than 3.2 million new business applications across the country. That’s compared with 2.7 million during the same period in 2019.
In Michigan the numbers are equally promising. There were more than 100,000 applications filed as of October and the majority of that came during the third quarter of the year.
You can read more on WWMT.
