September Business Health Analysis
5%
Month over Month Change
421,838
New US Business Formations
2%
Year over Year Change
Key Takeaways:
- September business formations dipped nationwide by 5% from August.
- Colorado and California grew despite high costs.
- Alaska and Maine thrived on state incentives and specialized industries.
- Rising housing costs in Utah and Florida, regulatory hurdles in Georgia likely impacted formations.
Business formation data is drawn from state-level filings, cross-referenced against U.S. Census Bureau data. Learn more.
A Closer Look at Individual States
States like California and Colorado are showing impressive (if not surprising) numbers, fueled by their strong, diverse markets, while Utah (which started the year hot) has cooled down, perhaps due to rising costs and shifting regulations. Vermont, Maine, and Texas are reducing regulations. Meanwhile, states like Georgia, Alabama, and Minnesota are feeling the pressure, with high costs and tougher regulations slowing down their business formations.
Please note that these insights are based on available data, which may be updated as more complete numbers become available.
Nationwide Formation Metrics
421838
New Business Formations
-5%
Month over Month Change
-2%
Year over Year Change
|
Location
|
New Businesses
SEPT 2024
|
New Businesses
AUG 2024
|
% Change
|
New Businesses
SEPT 2023
|
% Change
SEPT 2023 V. SEPT 2024
|
12 Month Avg.
OCT 2023 - SEPT 2023
|
|---|---|---|---|---|---|---|
| South Dakota | 1242 | 912 | 27% | 1148 | 8% | 1181 |
| Oklahoma | 4728 | 3892 | 18% | 4866 | -3% | 3820 |
| Maine | 1371 | 1252 | 9% | 1106 | 24% | 1275 |
| Michigan | 10473 | 9546 | 9% | 11227 | -7% | 11353 |
| Iowa | 3063 | 2830 | 8% | 2720 | 13% | 3109 |
| Colorado | 13917 | 13367 | 4% | 12015 | 16% | 13267 |
| Connecticut | 4231 | 4144 | 2% | 4004 | 6% | 4269 |
| Nebraska | 1757 | 1729 | 2% | 1901 | -8% | 1792 |
| Rhode Island | 1005 | 984 | 2% | 976 | 3% | 1070 |
| Delaware | 24016 | 23666 | 1% | 23579 | 2% | 24073 |
| Oregon | 5029 | 4958 | 1% | 5083 | -1% | 5232 |
| West Virginia | 1511 | 1502 | 1% | 1687 | -10% | 1542 |
| Pennsylvania | 10971 | 10960 | 0% | 10704 | 2% | 11244 |
| Kentucky | 4194 | 4297 | -2% | 4245 | -1% | 4220 |
| New York | 19795 | 20237 | -2% | 21160 | -6% | 21406 |
| Vermont | 923 | 941 | -2% | 646 | 43% | 912 |
| Massachusetts | 5070 | 5205 | -3% | 5075 | 0% | 5411 |
| New Jersey | 12802 | 13145 | -3% | 12825 | 0% | 13312 |
| Nevada | 4798 | 5007 | -4% | 5047 | -5% | 5036 |
| Wyoming | 13764 | 14367 | -4% | 5047 | -5% | 5036 |
| Alaska | 935 | 978 | -5% | 718 | 30% | 968 |
| Arizona | 10068 | 10592 | -5% | 10192 | -1% | 10578 |
| Ohio | 11726 | 12345 | -5% | 11440 | 3% | 12191 |
| Virginia | 9881 | 10362 | -5% | 10322 | -4% | 10454 |
| New Hampshire | 1552 | 1640 | -6% | 1690 | -8% | 1740 |
| Hawaii | 1869 | 2005 | -7% | 2049 | -9% | 2064 |
| Maryland | 6797 | 7295 | -7% | 7347 | -7% | 7374 |
| Tennessee | 5942 | 6356 | -7% | 6030 | -1% | 6173 |
| Wisconsin | 4676 | 5020 | -7% | 4770 | -2% | 5076 |
| Arkansas | 2829 | 3047 | -8% | 3068 | -8% | 3051 |
| California | 32496 | 34947 | -8% | 31033 | 5% | 34282 |
| Florida | 48949 | 52967 | -8% | 52699 | -7% | 49837 |
| Idaho | 3136 | 3402 | -8% | 3045 | 3% | 3340 |
| Illinois | 11870 | 12797 | -8% | 12273 | -3% | 12777 |
| Missouri | 7665 | 8263 | -8% | 7710 | -1% | 8122 |
| Montana | 4199 | 4539 | -8% | 3855 | 9% | 4406 |
| Texas | 32865 | 35597 | -8% | 32780 | 0% | 34053 |
| Indiana | 7236 | 7878 | -9% | 7245 | 0% | 7652 |
| Mississippi | 3759 | 4107 | -9% | 3854 | -2% | 3518 |
| North Dakota | 659 | 719 | -9% | 683 | -4% | 711 |
| Washington | 7808 | 8541 | -9% | 8314 | -6% | 8704 |
| Georgia | 17495 | 19254 | -10% | 19567 | -11% | 19306 |
| New Mexico | 3484 | 3838 | -10% | 3553 | -2% | 3553 |
| South Carolina | 6625 | 7287 | -10% | 7099 | -7% | 7350 |
| Alabama | 3789 | 4203 | -11% | 4338 | -13% | 4061 |
| North Carolina | 12452 | 13775 | -11% | 13132 | -5% | 13408 |
| Louisiana | 4409 | 5077 | -15% | 5138 | -14% | 4912 |
| Minnesota | 5544 | 6743 | -22% | 6245 | -11% | 6359 |
| Kansas | 2267 | 2794 | -23% | 2454 | -8% | 2652 |
| Utah | 4196 | 6328 | -51% | 6115 | -31% | 6175 |