CHAMPAIGN, IL (Chambana Today) – The United States has been experiencing significant growth in business applications including in the Champaign-Urbana area.
According to the latest data from the U.S. Census Bureau’s Business Formation Statistics, there has been a significant surge in new business applications. During the 2000s and 2010s, applications hovered between 2.5 million and 3.5 million. However, in 2020, the applications grew up to 4.35 million and continued growing up to 5.3 million applications. Early 2024 figures suggest a potential year-end total near 5.2 million.
The Champaign-Urbana area is mirroring this trend, with a significant growth in new business applications. In 2019, the region saw a whopping 1,346 new business applications. By 2023, it rose to 2,182, marking a 62.1% increase, higher than the national average increase of 55.8%. The growth is thanks to region’s supportive business environment, access to resources, and a community that fosters innovation and entrepreneurship. There is also the University of Illinois, which contributes to an influx of talent and new ideas.