Startups Are Finding the Sweet Spot in a Downturn

It’s counter-intuitive for people to start new businesses in an economic downturn, but startups are prying open new market opportunities that coronavirus pandemic lockdowns have created. New business applications, which is the Census Bureau’s tracker for startups, grew 38% in the week ending Oct. 24, compared with the same week a year ago. The increase is in line with an upward trend seen since late May. In fact, Census data shows a new high for that week since 2007. New business formations rose highest in Louisiana, which was up 77% over the same week last year, followed by Georgia, Nevada and Florida.