Last month, there were 429,800 total business applications in the US, or organizations that filed for Employer Identification Number (EIN), a 1.9 percent increase from January 2023. Of these applications the Census Bureau is projecting that 31,888 new business startups with tax liabilities will be created within 4 quarters of their application date.
Per the new report, in the Midwest, business applications increased 1.1 percent between January and February, from 69,160 to 70,148 applications. Of the February applications, the Census Bureau is projecting that 5,158 new businesses will form within 4 quarters of their February application.
The full Census Bureau report can be found here.