Here's How Many New Business Applications Maryland Received In 2021

By Samuel Stebbins, 24/7 Wall St. - Baltimore

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.

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.

Maryland accounted for 123,921 of all new business applications filed nationwide over the same period, the 13th most among states. Adjusting for population, however, there were 2,050 applications for every 100,000 people in Maryland, higher than the national average and the 10th highest among states.

Maryland saw the most applications submitted in January 2021, at 10,482, while November 2021 marked a low point over the period with just 8,491 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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This story was originally published by 24/7 Wall St., a news organization that produces real-time business commentary and data-driven reporting for state and local markets across the country.