Artificial intelligence is driving explosive growth in American entrepreneurship, according to a new report.
Data from the U.S. Census Bureau shows business formations in professional, scientific and technical services have surged about 45% since the launch of ChatGPT, reports Bloomberg.
Meanwhile, the number of construction businesses has increased by only about 10% over the same period.
Georgia Tech grad Alberto Flores, who is building an AI-powered law firm in Mexico, says he believes fears over AI-related job losses are getting people to move.
“AI is increasing pressure to get ahead. I see that a lot of people feel like, ‘AI is going to come for my job, so I have to do something.’”
The US Census Bureau now expects 29,700 new businesses to form each month for a year straight, based on paperwork filed with the IRS.
That number is 17% higher than projections from one year.
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