2021 Entrepreneurial Score Card: Fall Edition
- The topline economic recovery is solid, however small businesses are not experiencing the same rate of recovery. Many industries dominated by smaller businesses are far from pre-pandemic level.
- Michigan is still experiencing more small business closures and revenue loss compared to other states. Personal consumption expenditures on services, dominated by small business, remain below pre-pandemic levels.
- Federal spending made a huge difference in the beginning of the recovery, but now poses real, long-term challenges.
- History predicts we are entering a period where we could see fast growth in our entrepreneurial economy, but small businesses are facing inflation, workforce shortages, and supply chain challenges that are limiting recovery opportunities.