NEW MEXICO (KRQE) – Have you thought about starting a business? You’re not alone. The latest data from the U.S. Census Bureau shows New Mexicans are starting up businesses at a fast rate.
Following the arrival of the COVID-19 pandemic, new business applications skyrocketed across the U.S. And New Mexico was no different the data shows. But this year, New Mexico is out-pacing neighboring states.
From June 2021 to June 2022, there were more than 2,000 business applications in New Mexico, Census Bureau data shows. That’s an 11.6% increase from the previous year.
Texas, Arizona, and Colorado, on the other hand, each saw a decline in the number of applications from last year. Utah saw a slight increase in the number of applications.
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New Mexico stands out as one of the states that’s seen an increase in new business applications in the last year.
Pre-pandemic, there were around 300,000 new business applications each month in the United States. In July of 2020, nationwide applications reached a peak, with more than half a million new applications that month.
For New Mexicans interested in starting or growing a business, the Small Business Administration offers resources such as funding and counseling. New Mexico’s district office is located in Albuquerque.