A record number of Americans are starting businesses driven by job market anxiety, AI disruption, and a fundamental shift in how workers think about risk. One could call it ‘The Great American Small Business Surge.’
The numbers are hard to ignore. From November 2025 through January 2026, Americans filed 1.56 million new business applications, the most of any three-month stretch since at least 2004, according to a CNBC analysis of U.S. Census Bureau data.
Over the full year, more than 5.9 million new businesses were formed in the United States, an 8% increase over 2024. And so far in 2026, applications are running 25.54% ahead of the same period last year.