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National

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Tech Policy

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Macro

Axios Macro

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An area chart showing monthly new business applications from January 2015 to April 2026. Applications for both single- and multi-employee businesses spiked after the initial COVID shutdowns, going from a total of 300k to a high of 547k. Single-employee companies also rose after the releases of Chat GPT in 2022 and agentic coding in 2025.

Monthly new business applications

Data: Nasdaq Economic Institute analysis of Census Bureau data; Chart: Axios Visuals

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Raleigh

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