New business statistics: 2005 to December 2024

It’s been a big few years for business applications in the US, with 5.48 million business applications being submitted in 2023, according to the US Census Bureau. And 2024 is off to a good start with 4,754,266 applications being lodged so far in 2024, down (-5.28%) compared to the same period last year.

Quick stats on new businesses

• New businesses in 2024: So far in 2024, 4,754,266 business applications have been submitted.⁽¹⁾
• New businesses in 2023: A total of 5.48 million business applications were lodged in 2023.⁽¹⁾
• New businesses in 2022: In 2022, 5.08 million business applications were submitted.⁽¹⁾
• Year-on-year change: For the last full years on record, business applications increased 7.57% between 2022 and 2023.⁽²⁾
• Business Applications for November 2024: There were 448,758 business applications submitted in November 2024.⁽²⁾
• Business Applications for October 2024: There were 424,656 business applications submitted in October 2024.⁽²⁾
• Month-on-month change: Business applications were up, increasing by 5.68% between October and November 2024.⁽²⁾
• Average number of applications: Each year, an average of 3.3 million business applications are submitted.⁽²⁾

Business applications: 2005–2024

Since the start of 2024 business applications are down -5.28% compared to the first 11 months of 2023, with 4,754,266 businesses starting in that time frame compared to 5,019,526 in the first 11 months of 2023.

Monthly business applications: 2005 – 2024

Monthly business applications have been strong since the pandemic, peaking in July 2020 with 552,214. Since May 2020, the monthly average number of business applications sits at 436,749 compared to 232,475 per month (avg. from January 2005–April 2020).

Month-over-month change

Month-over-month business applications were up in November 2024, with 448,758 submissions compared to the 424,656 business applications submitted in October 2024 — an increase of 5.68%.

Which month sees the most applications?

While you may think of summer as a time for vacation, it’s actually the busiest time of year for new business apllications with July seeing the most applications at an average of 289,268. On the otherside of the coin is March, with just 273,462 applications being filed.

Number of business applications: 2005–2023

In 2023 business applications were up with 5.48 million applications being submitted compared to 5.08 million in 2022, well above the annual average of 3.3 million since 2005. With the number of business applications increasing by 4.71% year-over-year, we can expect that 2024 will see roughly 5.73 million applications.

How many of these applications turn into businesses?

In addition to the business applications data, the US Census Bureau also offers formation predictions, basically a forecast of how many business applications will become an employer (wage-paying) business within four quarters.While business applications are up, the percentage of those who start a new business that will have payroll tax liabilities within 12 months of submitting their business application is on the decline. Since 2005, the US Census Bureau predicted an average of 10.2% of applications would become businesses within four quarters of submitting their applications.

Business formation statistics release dates 2024

There will be 11 releases in 2024, with the next update coming on Thursday, April 11, 2024, with information related to business formation in March 2024.

• Methodology

  Finder reviewed business application data available from the US Census Bureau.

To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.

Written by

Richard Laycock

Lead Editor & Insights Editor

Richard Laycock is Finder’s NYC-based lead editor & insights editor, spending the last decade data diving, writing and editing articles about all things personal finance. His musings can be found across the web including on NASDAQ, MoneyMag, Yahoo Finance and Travel Weekly. Richard studied Media at Macquarie University, including a semester abroad at The Missouri School of Journalism (MIZZOU). See full bio