March indicated a solid recovery from February's decline, with both an increase in month over month and year over year business formations.

In February 2025, business formations across the states saw a 13% decrease compared to the previous month, with 442,100 new registrations in total. The year-over-year numbers were down 4% compared to February last year, with 18,943 fewer new businesses across the country.

While January showed a strong start compared to December, business formation is still down 5% from January of last year.