ISTANBUL

Small businesses in the US have created over 70% of net new jobs since 2019, according to a report released Tuesday by the Treasury Department.

"President (Joe) Biden and I know that small businesses are the backbone of our communities," Vice President Kamala Harris said in a statement.

"Thanks to our Administration’s historic investments in the success and growth of small businesses, there have been a record-breaking 19 million new small business applications since President Biden and I took office — including in overlooked and underserved communities," she added.

The US, in addition, has been averaging 430,000 new business applications per month in 2024, which is 50% more than in 2019, according to the report.

Optimism among small businesses is rebounding as inflation continues to fall, it said, adding: "Multiple measures of business optimism show substantial increases in recent months."

In addition, more than 70% of small business leaders expect their revenues to grow over the next year, the most since the coronavirus pandemic, according to the report.

"Entrepreneurs are also growing more diverse: forty-three percent of self-employed Americans are female, more than ever before," it said.

"Black, Asian and Hispanic shares of self-employed Americans are also near all-time highs."