This measure from the Census Bureau estimates the annual number of applications for an Employer Identification Number (EIN). It is important to note that actual business formation, as well as longevity, are not tracked. The number and rate of new business applications is one way to measure a region's entrepreneurialism.
Business applications grew by 6.6% in 2023 after a brief decline by 12% in 2022. The elevated number of business applications in 2023 suggests there is still an appetite for entrepreneurship in our region. There were almost 91,000 business applications in 2023 compared to 59,000 in 2019.