After five years of declining activity, Americans launched startups at a greater rate last year, the Kauffman Foundation reports.

According to the foundation’s Startup Activity Index, about 0.31 percent of U.S. adults started businesses each month, compared to 0.28 percent the year before. The number might seem small, but it’s the largest year-to-year gain in 20 years.

Still, the foundation cautioned, the startup creation rate is still “tepid and well below historical trends.”

“This rebound in entrepreneurial activity lines up with the strength we’ve seen in other economic indicators, and should generate hope for further economic expansion,” said Dane Stangler, vice president of Research and Policy at the Kauffman Foundation.

“But, it’s important to view this short-term uptick in context of the bigger picture – we are still in a long-term decline of activity, which affects job creation, innovation and economic growth.”

Other findings from the report:

• Women represent a declining share of business founders—36.8 percent last year, very close to the 20-year low of 36.3 percent recorded in 2007.
• Latino entrepreneurs represent a larger share of business creators—22.1 percent in 2014, up from 10 percent in 1996. Asian American entrepreneurs have experienced “substantial” growth, while the share of white founders has declined. Black entrepreneurs are up “slightly.”
• The only age group that didn’t see an increase in startup rates was the 45-to-54 cohort.
• Immigrants continue to create companies at large rates. About 28.5 percent of all founders were immigrants. In 1996, they were 13.3 percent of business creators.