Even as the coronavirus pandemic continues to cause economic uncertainty throughout the country, people are starting new businesses in record numbers, with most new applications coming from the South.
More than 1 million new business applications were filed in the Southeast between the beginning of April and the end of September, significantly higher than any other region in the country, according to recently released U.S. Census Bureau business data.
In the 2nd quarter, 411,000 business applications were filed in the Southeast, up 11.6% from one quarter earlier and up nearly 10% from the same period last year. By comparison, the Midwest was up 9% with around 150,000 new applications. The West and Northeast were both down and recorded 197,000 and 123,000 new applications, respectively.
Mississippi saw a 50% increase in new business applications from the same time last year, while Georgia and Alabama recorded increases of 30% and 21%, respectively. Louisiana was also up by 34% year-over-year.
However, the 3rd quarter saw 737,000 business applications in the South, an increase of nearly 80% from the previous quarter and nearly 100% from this time last year. Louisiana, Mississippi and Georgia saw year-over-year increases of over 150%, while Alabama was at 122%.
Overall, the nation recorded 1.5 million new business applications in the most recent quarter, representing a near 180% increase over the previous year and nearly double the most new business applications seen over the last 15 years.