New Business Boom
Last year was big for entrepreneurs, and women in particular.
For the first time since 2019, all 50 U.S. states set new records for new business openings, according to Yelp (YELP), with 20% more businesses started in 2023 than in 2022. And of the 762,227 businesses opened in 2023, more than 58,000 were started by women, a 17% increase from 2022.
This major jump in new businesses occurred despite several roadblocks, including high interest rates that affected business loans and commercial mortgages, as well as a higher cost of labor.
Home services — including carpenters and contractors — saw the biggest jump, with more than 278,000 new businesses opened last year as consumer prioritized home improvements, many of which were opened by women. The women-owned share of home service businesses jumped 38% year-over-year in 2023.
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