NEW YORK (AP) — Record numbers of people are starting new businesses, and more and more of them are women and minorities, according to a new study.

New business applications jumped in 2020 as the pandemic started, and have continued to be filed at a record pace. More than 5 million applications were filed in 2021 and 2022 and a record 5.5 million new business applications were filed in 2023.

Payroll firm Gusto surveyed 1,300 owners who started their small business last year to discover their characteristics.

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