As recent reports have indicated positive momentum for the US economy – from GDP increasing, unemployment decreasing, and inflation dropping from last year’s high – entrepreneurs are on track to make 2023 a banner year for new business growth. National business openings on Yelp from January through July 2023 have surpassed openings from the same time period last year, a year which hit an all-time high for new businesses. This strong national growth is reflected across all categories on Yelp and for the first time, every U.S. state, including DC, surpassed new business openings compared to pre-pandemic levels (2019). Yelp data also shows a wave of new minority-owned businesses, as entrepreneurs from underrepresented communities opened more businesses this year than 2022.
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