Washington, D.C.— From 2021 through 2023, the U.S. saw 16 million new business applications, more than any other three-year period in history according to a new fact sheet released today by The U.S. Joint Economic Committee Democrats. This increase greatly outpaces business growth from 2017 through 2019 under former President Trump or any past Republican.

“The numbers are clear: Democratic policies grow our economy. In New Mexico alone, new business applications were nearly twice as high in 2023 as they were in 2019 under the former president,” said JEC Chairman Martin Heinrich. “Small businesses are the backbone of our economy, and Democrats will continue to invest in the next generation of entrepreneurs that support our communities and spur economic growth.”

The fact sheet also highlights state-by-state growth numbers fueled by new investments through Democratic-led landmark bills and executive actions. In all 50 states and the District of Columbia, business applications were higher in 2023 than in 2019.

Read the fact sheet here. 

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About Chairman Martin Heinrich

U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service. 

About the U.S. Congress Joint Economic Committee

The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.