The Receipts // Census Bureau Business Formation Statistics
The floor moved.
Monthly new business applications crossed 400,000 in late 2021, and they have not gone back. Every month since January 2022 has cleared the line. Whatever the pandemic did to American entrepreneurship, the higher floor stayed.
| Year | Average monthly applications | Months above 400K floor | vs. 400K floor |
|---|---|---|---|
| 2022 | 425K | 12 of 12 | +25K |
| 2023 | 435K | 12 of 12 | +35K |
| 2024 | 457K | 12 of 12 | +57K |
| 2025 | 468K | 12 of 12 | +68K |
| 2026 (through April) | 483K | 4 of 4 | +83K |
| Pre-pandemic monthly average (2010 – 2019) | 290K | 0 of 120 | -110K |
| 52-month average (Jan 2022 – Apr 2026) | 450K | 52 of 52 | +50K |
The pandemic-era surge in entrepreneurship was not a moment. It became the floor. By choice, by displacement, or by design, more Americans are starting things than at any point in this series' recorded history.
Sources. US Census Bureau, Business Formation Statistics, monthly business applications (Total Business Applications, BA series), seasonally adjusted, January 2022 through April 2026 monthly releases. Annual averages computed across each calendar year. Pre-pandemic monthly average computed across 2010 through 2019. March 2026 reading: 491,941, per the Census release dated April 2026.
Note. Total business applications include sole proprietor filings, which inflate against the high-propensity series. Cross-reference the BA-CBA (corporations and partnerships) and BA-WBA (with planned wages) cuts when sizing labor-market implications. The floor-above-400K finding holds across all three series.
Note. Total business applications include sole proprietor filings, which inflate against the high-propensity series. Cross-reference the BA-CBA (corporations and partnerships) and BA-WBA (with planned wages) cuts when sizing labor-market implications. The floor-above-400K finding holds across all three series.
The Receipts byKathryn Finney
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