496545
New Business Formations
0%
Month over Month Change
17%
Year over Year Change
|
Location
|
New Businesses
|
New Businesses
|
% Change
|
New Businesses
|
% Change
|
12 Month Avg.
|
|---|---|---|---|---|---|---|
| Alabama | 2984 | 3900 | -23% | 3789 | -21% | 3398 |
| Alaska | 1066 | 954 | 12% | 935 | 14% | 1010 |
| Arizona | 13936 | 11681 | 19% | 10068 | 38% | 11176 |
| Arkansas | 3495 | 3400 | 3% | 2829 | 24% | 3143 |
| California | 36472 | 34873 | 5% | 32496 | 12% | 36700 |
| Colorado | 14702 | 14460 | 2% | 13917 | 6% | 15090 |
| Connecticut | 4665 | 4554 | 2% | 4231 | 10% | 4566 |
| District of Columbia | 1248 | 1236 | 1% | 1260 | -1% | 1402 |
| Delaware | 29431 | 29453 | 0% | 24016 | 23% | 26633 |
| Florida | 59071 | 58058 | 2% | 48949 | 21% | 55286 |
| Georgia | 19745 | 20597 | -4% | 17495 | 13% | 19825 |
| Hawaii | 1810 | 2235 | -19% | 1869 | -3% | 2082 |
| Idaho | 3536 | 3646 | -3% | 3136 | 13% | 3562 |
| Illinois | 13487 | 12497 | 8% | 11870 | 14% | 13215 |
| Indiana | 7774 | 7900 | -2% | 7236 | 7% | 7869 |
| Iowa | 3490 | 3164 | 10% | 3063 | 14% | 3268 |
| Kansas | 3237 | 3126 | 4% | 2267 | 43% | 2999 |
| Kentucky | 6130 | 6123 | 0% | 4194 | 46% | 5254 |
| Louisiana | 4810 | 5499 | -13% | 4409 | 9% | 4867 |
| Maine | 1379 | 1284 | 7% | 1371 | 1% | 1411 |
| Maryland | 7491 | 7407 | 1% | 6797 | 10% | 7147 |
| Massachusetts | 5990 | 5872 | 2% | 5070 | 18% | 5800 |
| Michigan | 12298 | 12638 | -3% | 10473 | 17% | 11948 |
| Minnesota | 6350 | 6413 | -1% | 5544 | 15% | 6484 |
| Mississippi | 4459 | 4593 | -3% | 3759 | 19% | 4158 |
| Missouri | 8977 | 9125 | -2% | 7665 | 17% | 8586 |
| Montana | 5865 | 5669 | 3% | 4199 | 40% | 5042 |
| Nebraska | 1854 | 2166 | -14% | 1757 | 6% | 1892 |
| Nevada | 5329 | 5147 | 4% | 4798 | 11% | 5282 |
| New Hampshire | 622 | 683 | -9% | 1552 | -60% | 939 |
| New Jersey | 15523 | 14365 | 8% | 12802 | 21% | 14087 |
| New Mexico | 4017 | 3977 | 1% | 3484 | 15% | 3914 |
| New York | 22109 | 21507 | 3% | 19795 | 12% | 21700 |
| North Carolina | 15352 | 14188 | 8% | 12452 | 23% | 13581 |
| North Dakota | 1008 | 1049 | -4% | 659 | 53% | 1046 |
| Ohio | 13429 | 13482 | 0% | 11726 | 15% | 13123 |
| Oklahoma | 5442 | 5445 | 0% | 4728 | 15% | 5074 |
| Oregon | 6014 | 5510 | 9% | 5029 | 20% | 5616 |
| Pennsylvania | 12421 | 12300 | 1% | 10971 | 13% | 12028 |
| Rhode Island | 1340 | 1226 | 9% | 1005 | 33% | 1213 |
| South Carolina | 7960 | 8312 | -4% | 6625 | 20% | 7806 |
| South Dakota | 1424 | 1296 | 10% | 1242 | 15% | 1341 |
| Tennessee | 6721 | 7051 | -5% | 5942 | 13% | 6451 |
| Texas | 38541 | 39779 | -3% | 32865 | 17% | 37133 |
| Utah | 6081 | 7501 | -19% | 4196 | 45% | 5381 |
| Vermont | 1001 | 942 | 6% | 923 | 8% | 927 |
| Virginia | 11689 | 11847 | -1% | 9881 | 18% | 11196 |
| Washington | 9942 | 9928 | 0% | 7808 | 27% | 9379 |
| West Virginia | 1647 | 1655 | 0% | 1511 | 9% | 1574 |
| Wisconsin | 5425 | 5657 | -4% | 4676 | 16% | 5441 |
| Wyoming | 17756 | 20024 | -11% | 13764 | 29% | 16842 |
0%
Month over Month Change
496,545
New US Business Formations
17%
Year over Year Change
Key Takeaways
- Business formations remained neutral in September, but remain elevated in 2025 compared to 2024.
- Formations in Alabama were down 21% vs. 2024—possibly correlated with a change to tax election laws that took effect in January of this year.
- Arizona formations were up 19% over last month, and 38% over September of 2024.
- Hawaii saw a downturn in formations coming into the 4th quarter of 2025, which is typical for this time of year.
- New Iowa formations were up 14% from this time last year.
- Wyoming formations began to level out after a strong 2025, but are still up 29% over September of 2024.
September 2025 Breaks From 2024’s Trend
So far, business formations in 2025 have closely mirrored the trends of 2024, but at an elevated rate. But in September 2025, business formations deviated from last year’s trend (which continued downward).
Many states continue to outpace 2024 formation numbers, while others are easing into a more balanced close to 2025. Arizona is a standout with a 38% year-over-year increase in 2025, edging past some typical heavy hitters. Wyoming, by contrast, shows a mild cooling trend in recent comparisons.
Arizona isn’t the only state boasting exceptional year-over-year performance. Utah, Delaware, and Wyoming also show exceptional year-over-year gains, even if they may show sluggish or stagnant numbers in the more short-term month-to-month analysis.