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Starting Up: Yelp! Tracked A Record Number Of New Businesses In '23

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01/26/2024

The data confirms a similar finding from analysis of governmental filings, which has revealed a pandemic-inspired entrepreneur boom, as an increasing number of Americans take their economic fates into their own hands.

The Yelp report categorizes the new businesses by industry, finding a particular boom in the home services sector, with hundreds of new endeavors set up across carpentry (up 54%), masonry and concrete services (up 40%), and contractors (up 33%). Those new companies might be looking to capitalize on the “golden handcuff” phenomenon, as sky-high mortgage rates and property prices leave people investing in their current homes, rather than moving to new ones.

Elsewhere, the leisure sector also saw a resurgence, with the number of new hotels and travel services up 28% on last year and restaurant openings up 10%, with major boosts for creperies and hot pot spots, which were up 63% and 53%, respectively.