Wisconsin saw a surge in new businesses during the pandemic. They now face inflation and a tough labor market.
Wisconsin, like much of the country, saw a surge in new businesses created during the COVID-19 pandemic. But those businesses have faced challenges in the form of inflation and the ongoing labor shortage.
Despite obstacles and uncertainty around the global economy, many of the state’s new entrepreneurs have persevered.
“They are, by-and-large, a very optimistic and positive group,” said Missy Hughes, secretary and chief executive of the Wisconsin Economic Development Corp. “They’re excited about what they’re doing. They have been impacted by inflation, but they’re working through it.”
Wisconsin has seen about 500 new businesses form per month since the summer of 2020. That’s up from between 300 and 400 per month prior to the pandemic, according to research from University of Wisconsin-Extension based on projections from the U.S. Census Bureau.
[Adapted from: Wisconsin saw a surge in new businesses during the pandemic. They now face inflation and a tough labor market. February 8, 2023 Wisconsin Public Radio]
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