Since President Joe Biden took office, the U.S. Small Business Administration has reported that over 17 million new small business applications have been filed. This has been described by the White House as a “historic small business boom.” The federal government had previously stated that there were an average of 440,000 new business applications filed each month for the first three years of the Biden administration.
In March, Vice President Kamala Harris announced that the administration aims to increase federal contracts for minority-owned businesses by 50%. This announcement was made at an event in North Carolina focused on supporting the growth of small businesses. The administration claims to have achieved record job creation and addressed concerns about inflation.
A recent report from the Bureau of Labor Statistics showed that U.S. producer prices experienced their largest year-over-year increase since April of the previous year. According to U.S. government data, over the past year, a total of 5 1/2 million new business applications were filed, bringing the total under the current administration to a record-breaking 16 million.
Data from the Census Bureau indicates that the number of Black-owned businesses increased by approximately 13% between 2017 and 2020, with revenues rising by 43% during the same period according to Scripps News.
