New business growth is at an all-time high in the United States, according to a recent Yelp report.
More businesses were opened between January and July of 2023, in comparison to the same time frame last year, which broke pre-pandemic records. Each state in the U.S. surpassed the number of business openings in 2022, with the East Coast having a noticeable lead.
Minority business owners have played a crucial role with new minority-owned businesses exceeding the national average. More new businesses owned by members of the LGBTQ, Black, Asian and Latinx communities have been opened from January to July of 2023 than last year, according to the report. Women-owned businesses have also seen an increase in openings.
While every business category on Yelp has experienced improvement, the hotel, travel and home services industries have seen the most growth. Impressively, the RV rental sector has increased 84% and the vacation rentals sector has increased 54%. Other notable industries experiencing growth include auto and event services.
Florida is now no. 2 in the ranking of states with the most business openings. Over 51,000 new businesses were opened, in Florida, between January and July 2023, which is a 33% increase compared to last year. Miami has been one of the leading metro areas in the country that has driven new business growth this year.
Well known for its impact on the tourism and vacation industries, Florida is home to many hotels, resorts and vacation rental properties. These industries have continuously seen growth in the state with an increase in rental homes marketed on platforms such as Airbnb and new resort development.