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UHY Advisors announces that the U.S ranked second globally in new business creation in 2020. This is among a number of revelations gleaned from a recent study conducted by UHY International, our global network of independent accounting and consulting firms.
The number of new businesses started in the US increased by 27% in the last year despite the impact of the Covid-19 pandemic, far outpacing the global average of a 6% increase in business start-ups. UHY’s study reveals that there were 4.41 million new businesses created in the US in 2020 compared to 3.47 million in 2019. The US ranks second out of 22 countries studied in UHY’s global new business creation league table (see table below).
Dennis Petri, Managing Director at UHY Advisors and Chairman of the Board of Directors of UHY International, comments: “Despite the hits our economy has taken over the past 18 months, Americans have not been deterred and have seized the opportunity to create their own business."
China saw the number of new businesses it created grow by 1.25 million in 2020, giving it first place among 22 countries in UHY’s study of new business creation around the world. Over 25 million new businesses were created in China in 2020, up 5% from the over 23.7 million created in 2019.
Nine countries of 22 in the study saw significant increases in new business creation in 2020 compared to 2019, including major economies such as the United Kingdom, France, Brazil and India. The largest percentage increase was seen in the Philippines, where new business creation grew 152% in just a year.
The 13 countries in UHY’s study which saw new business creation fall in 2020 is dominated by European economies, including Spain, Italy, Germany and Poland.
Click here to view the press release from UHY International.