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Hustling traditionally refers to income-generating activities that occur in the informal economy. It has also become synonymous with job-adjacent work that looks like it is embedded in the formal economy.
New Business Formation Rose by 42% Since the Pandemic Began
A recent Bank of America survey found that 62% of Gen Z’ers and 56% of Millennials started a side hustle since the pandemic began. The survey found that the key motivators were that 53% wanted to earn extra money while 36% wanted to fill their free time effectively. But there is no doubt that the pandemic spurred innovation and business creation. The U.S. Census data showed new business formation rose by 42% in 2020
More Americans Working Side Gigs to Survive in 2022
According to Side Hustle Nation, The most popular side hustles are online businesses (blogging, online courses, and affiliate marketing), freelancing and consulting, eCommerce, investing (real estate, crypto, stocks, etc.), self-publishing, local services (cleaning, notary services, pet waste removal), and gigs (DoorDash, Uber, etc.)..
How Could this Self-Employment Boom Effect the U. S. Economy
PBZ grants ensure that the BIPOC and other underserved communities do not miss this economic growth period.
"New businesses do all kinds of great things for the economy — everything from spurring innovation to creating lots of jobs to injecting more competition into the marketplace. These are the things that make an economy stronger in the long run, which is why this recent boom is so exciting. If it continues, it really could put the US economy on a permanently better path."
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