Artificial intelligence is driving explosive growth in American entrepreneurship, according to a new report.
Data from the U.S. Census Bureau shows that business formations in professional, scientific, and technical services have risen nearly 45% since the launch of ChatGPT. Reports Bloomberg.
Meanwhile, the number of construction companies increased by only about 10% during the same period.
Alberto Flores, a Georgia Tech graduate who is building an AI law firm in Mexico, says he thinks concerns about AI-related job losses are pushing people away.
“AI increases the pressure to get ahead. I see a lot of people feeling like AI is coming for my job, so I have to do something.”
The U.S. Census Bureau now expects 29,700 new businesses to be created each month for a year in a row, based on paperwork filed with the IRS.
This number is 17% higher than the one-year forecast.
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