In May 2023, there were 436,048 new business applications, or those filing for an Employer Identification Number (EIN), in the United States, a 0.4 percent increase from April 2023, according to a recent report by the U.S. Census Bureau. The Census Bureau is projecting that of these applications, 30,879 businesses with payroll tax liabilities will form within four quarters of their application date.
According to the report, business applications in the Midwest tied for the highest growth, with 70,923 new applications, a 2.9% increase from the previous month. Of the May business applications filed, the Census Bureau is projecting that 4,994 new businesses will form within four quarters of their application date.
The full Census Bureau report can be found here.