The U.S. Small Business Administration reported that more than 17 million new small business applications have been filed since President Joe Biden took office, describing the surge as a “historic small business boom.” This was announced by Vice President Kamala Harris in March when she announced that the administration aimed to increase federal contracts for minority-owned businesses by 50%.
The Bureau of Labor Statistics recently revealed that U.S. producer prices experienced their largest year-over-year increase since last year, while data from the U.S. government shows that over the past year, a record-breaking 5.5 million new business applications were submitted, bringing the total under the current administration to 17 million.
Census Bureau data indicates that the number of Black-owned businesses increased by approximately 13% from 2017 to 2020, with revenues for these businesses surging by 43%, as reported by Scripps News during the same period.
