New U.S. business applications hit a high water mark in 2023, with notable hot spots in the Southeast and Mountain West.
Why it matters: Small businesses are a cornerstone of the U.S. economy, employing tens of millions of Americans.
Driving the news: Americans filed nearly 5.5 million new business applications in 2023, per the U.S. Census Bureau, or about 16.3 for every 1,000 residents.
That's up from about 5.1 million in 2022 and 3.5 million in 2018, before the COVID-19 pandemic.
About 1.8 million of 2023's new businesses are highly likely to hire workers, per the bureau, compared to around 1.3 million in 2018.
Zoom in: Wyoming (100.1), Delaware (53.4) and Florida (29.4) had the highest rates of new business applications per 1,000 residents in 2023.
Stunning stat: Nearly 85% of consumers say they'll probably shop at a small business this holiday season, a new American Express survey finds, up 11 points over the last decade.
Reality check: Filling out the paperwork for a new firm is just one step, but it's at least a sign of confidence that small business success is possible.