Each monthly employment report from the U.S. Bureau of Labor Statistics includes data on self-employment, or fulltime entrepreneurship as these numbers capture those who say that they are fulltime entrepreneurs.

Given the central role that entrepreneurs play in driving innovation, and economic, income and employment growth, this data very much warrants attention.

In terms of the BLS numbers, unincorporated self-employment data go back to 1948, while incorporated self-employment numbers only go back to 2000. For good measure, the incorporated data is not seasonally adjusted. So, we can get a substantive take on fulltime entrepreneurs by combining unincorporated and incorporated self-employment (not seasonally adjusted) data back to 2000.

There are now annual averages through 2025.

From 2000 to 2025, total fulltime entrepreneurship hit an annual high in 2025. While unincorporated self-employment actually declined from 9.92 million in 2024 to 9.84 million in 2025, incorporated self-employed increased from 6.82 million in 2024 to 6.94 million in 2025. (Data is rounded to two decimal points.) In total, self-employment went from 16.74 million in 2024 to 16.77 million in 2025.

The increase meant that fulltime entrepreneurship hit a high over this 2000 to 2025 period.

To put this in perspective, total self-employment increased from 14.67 million in 2000 to 16.15 million in 2007. The Great Recession took its toll, and total self-employment declined to 14.58 million in 2011. The subsequent recovery was slow, and the 2007 level wasn’t topped until 2022 (16.53 million). After a decline in 2023 (16.41 million), the U.S. has experienced growth in 2024 (16.74 million) and in 2025 (16.77 million).

The new high certainly is good news, but it also must be noted that the 2025 level was up by only 3.8 percent compared to 18 years earlier in 2007.

Policymakers need to be more aggressive in terms of advancing a pro-entrepreneurship agenda that focuses on low taxes and a less complex system, light regulation, trade policies that actually reduce government barriers (such as tariffs and quotas), welcoming immigrants who have a far greater propensity to start up businesses compared to the native born, and limited government that reins in spending and eliminates industrial policies. In the end, free enterprise provides the most fertile ground for growing entrepreneurs.

Raymond J. Keating is chief economist for the Small Business & Entrepreneurship Council. He is the author of “The Weekly Economist” book series, and 10 Points from Walt Disney on Entrepreneurship.

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