Here’s How Many New Business Applications Utah Received In 2021 – Patch

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2022-02-28

Small businesses are an economic pillar in the United States. Businesses with fewer than 500 employees account for two-thirds of net new jobs in the U.S. and generate 44% of economic activity nationwide, according to the U.S. Small Business Administration.

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Though small businesses in the U.S. were hit hard by the COVID-19 pandemic, with an estimated one-third closing either temporarily or permanently since early 2020, American entrepreneurs appear undeterred.

From January 2021 through January 2022, over 5.8 million applications for new businesses were filed, according to Business Formation Statistics from the U.S Census Bureau – or 1,772 for every 100,000 Americans.

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Utah accounted for 68,579 of all new business applications filed nationwide over the same period, the 23rd fewest among states. Adjusting for population, however, there were 2,139 applications for every 100,000 people in Utah, higher than the national average and the eighth highest among states.

Utah saw the most applications submitted in January 2022, at 5,683, while August 2021 marked a low point over the period with just 4,889 new business applications. It is important to note that not all new business applications result in the creation of a new business, and only about 80% of new businesses last for more than a year.

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