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Puzzlingly Divergent Trends In Household Wealth And Business Formation

Sunday, June 6, 2021 7:09

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from the Kansas Fed

– this post authored by Justin Barnette and Andrew Glover

The rate of new business formation has declined sharply in recent decades. From 1989 to 2017, the share of new businesses in total businesses fell by one-third, while new businesses’ share of total employment fell from 1.5 percent to 1.0 percent. These declines have raised concerns among economists about job and productivity growth. The majority of new businesses are small businesses, which accounted for 65 percent of net job growth in the United States in 2019. In addition, new businesses are a major contributor to aggregate productivity growth, adding 0.15 percentage points annually, whereas firms older than 10 years contribute almost 0 percent on net (Alon and others 2018).

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