Total entrepreneurial activity (TEA) rebounded to 19% in 2024, a level reported two years earlier and the highest in the United States in GEM’s history. This was nearly two thirds higher than the overall average for the 32 high-income economies (with greater than $50,000 gross domestic product per capita) participating in GEM in 2024. These are among the findings in the latest GEM USA National Report.
Over two thirds of entrepreneurs cited job scarcity as a motive for starting a business, continuing an upward trend since 2022. Intentions to start a business continued a stable although slightly fluctuating pattern, settling at 13% for 2024, one third lower than the average for the 32 high-income economies.
The highest rates of entrepreneurial activity in 2024 were reported among those aged 18–24 and 25–34 (25% TEA for both age groups). This continues the trend toward younger entrepreneurs first reported in 2023.
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