By Brittney Sherman — News, small business
Approximately 430,000 new employer identification numbers were applied for nationwide during the month of February. The number of business startups jumped in 2020, as employees left larger companies to focus on the development of their own companies. The number of February nationwide startups grew 1.9 percent over last month, with Western states leading the application growth at 8 percent compared to January. The largest gains in startups can be seen in the healthcare, wholesale trade, and professional services sectors. Over the next 8 quarters, the Census Bureau projects another 4.2 percent increase in U.S. business formations.