In October 2023, the United States Census Bureau reported that there were just under 473,000 new business applications – those defined as businesses filing for a new Employer Identification Number. The final figure of 472,993 new business applications was virtually unchanged from the data that the Census Bureau had reported in September.
The Midwest, however, continued to be a destination for many new businesses. The region saw 78,570 applications, a one percent increase from the month prior. And within the next year, the bureau is projecting that 4,614 new businesses will officially form.
Across the country, the growth of new business applications is being driven by a multitude of sectors, including the agricultural and retail trade sectors, which saw 17,645 and 99,334 new applications, respectively.
For additional insights, the comprehensive Census Bureau report is available here.