October Business Health Analysis
0.8%
Month over Month Change
425,295
New US Business Formations
1%
Year over Year Change
Key Takeaways
- October 2024 saw an 0.8% increase in business formations nationwide compared to September 2024.
- Business formations were up 1% from October 2023.
- Florida had the most new formations and Mississippi, Oklahoma, and Washington made significant jumps into the top ten.
- States like Montana and Alaska dropped in rankings after strong September performances, perhaps impacted by strikes, supply chain issues, inflation, and election uncertainty.
Business formation data is drawn from state-level filings, cross-referenced against U.S. Census Bureau data. Learn more.
A Closer Look at Specific States
October saw a 0.8% bump in business formations from the previous month, with 425,295 new registrations, edging out last year’s numbers by 1%. But the real story was the shake-up in rankings—Florida surged from the bottom five to No. 1 after rebounding from a devastating hurricane season, while Mississippi, Oklahoma, and Washington made big leaps into the top 10. Colorado dipped slightly, likely due to rising costs and regulations, while Georgia clawed its way out of the bottom five. Meanwhile, Montana and Alaska tumbled after strong September performances.
Please note that these insights are based on available data, which may be updated as more complete numbers become available.
425295
New Business Formations
0.8%
Month over Month Change
1%
Year over Year Change
| Location | New Businesses | New Businesses | % Change | New Businesses | % Change | 12 Month Avg. |
|---|---|---|---|---|---|---|
| Alaska | 1021 | 935 | 18% | 842 | 21% | 983 |
| Kansas | 2728 | 2267 | 17% | 2470 | 10% | 2673 |
| Iowa | 3423 | 3063 | 11% | 2764 | 24% | 3164 |
| Hawaii | 2067 | 1869 | 10% | 2007 | 3% | 2069 |
| Massachusetts | 5520 | 5070 | 8% | 5278 | 5% | 5432 |
| South Carolina | 7194 | 6625 | 8% | 7173 | 0% | 7352 |
| Wisconsin | 5073 | 4676 | 8% | 4924 | 3% | 5089 |
| Delaware | 25750 | 24016 | 7% | 24298 | 6% | 24194 |
| Louisiana | 4742 | 4409 | 7% | 4940 | -4% | 4896 |
| Texas | 35319 | 32865 | 7% | 32507 | 9% | 34288 |
| Minnesota | 5883 | 5544 | 6% | 6501 | -10% | 6307 |
| North Carolina | 13237 | 12452 | 6% | 13223 | 0% | 13409 |
| Oklahoma | 5029 | 4728 | 6% | 3993 | 26% | 3906 |
| Oregon | 5342 | 5029 | 6% | 5038 | 6% | 5257 |
| Washington | 8343 | 7808 | 6% | 7592 | 10% | 8766 |
| Georgia | 18459 | 17495 | 5% | 19327 | -4% | 19233 |
| Missouri | 8082 | 7665 | 5% | 7642 | 6% | 8159 |
| Nebraska | 1854 | 1757 | 5% | 1688 | 10% | 1806 |
| Nevada | 5061 | 4798 | 5% | 4632 | 9% | 5072 |
| New Jersey | 13419 | 12802 | 5% | 13114 | 2% | 13337 |
| Utah | 4432 | 4196 | 5% | 6183 | -28% | 6029 |
| Indiana | 7570 | 7236 | 4% | 7186 | 5% | 7684 |
| Rhode Island | 1050 | 1005 | 4% | 989 | 6% | 1075 |
| Arkansas | 2917 | 2829 | 3% | 3011 | -3% | 3043 |
| California | 33573 | 32496 | 3% | 29879 | 12% | 34589 |
| New York | 20370 | 19795 | 3% | 22212 | -8% | 21253 |
| Ohio | 12134 | 11726 | 3% | 11866 | 2% | 12214 |
| Pennsylvania | 11357 | 10971 | 3% | 10737 | 6% | 11296 |
| Vermont | 947 | 923 | 3% | 645 | 47% | 937 |
| Virginia | 10177 | 9881 | 3% | 10518 | -3% | 10425 |
| Colorado | 14208 | 13917 | 2% | 13273 | 7% | 13345 |
| New Hampshire | 1579 | 1552 | 2% | 1804 | -12% | 1722 |
| Connecticut | 4273 | 4231 | 1% | 4304 | -1% | 4267 |
| Idaho | 3166 | 3136 | 1% | 3190 | -1% | 3338 |
| Kentucky | 4213 | 4194 | 0% | 4380 | -4% | 4206 |
| New Mexico | 3477 | 3484 | 0% | 3463 | 0% | 3554 |
| Tennessee | 5955 | 5942 | 0% | 5848 | 2% | 6182 |
| Mississippi | 3707 | 3759 | -1% | 2371 | 56% | 3630 |
| South Dakota | 1225 | 1242 | -1% | 1164 | 5% | 1186 |
| Maine | 1341 | 1371 | -2% | 1124 | 19% | 1293 |
| West Virginia | 1479 | 1511 | -2% | 1563 | -5% | 1535 |
| Florida | 47722 | 48949 | -3% | 37420 | 28% | 50696 |
| North Dakota | 635 | 659 | -4% | 801 | -21% | 697 |
| Arizona | 9626 | 10068 | -5% | 10272 | -6% | 10524 |
| Illinois | 12273 | 11870 | -13% | 14163 | -13% | 12619 |
| Wyoming | 11333 | 13764 | -21% | 13380 | -15% | 13605 |
| Alabama | 2918 | 3789 | -30% | 4309 | -32% | 3945 |
| Maryland | 5178 | 6797 | -31% | 7514 | -31% | 7179 |
| Michigan | 6469 | 10473 | -62% | 11694 | -45% | 10918 |
| Montana | 2445 | 4199 | -72% | 3963 | -38% | 4280 |