In June 2023, there were 465,906 new business applications, or those filing for an Employer Identification Number (EIN), in the United States, a 6.2 percent increase from May 2023, according to a recent report by the U.S. Census Bureau. The Census Bureau is projecting that of these applications, 32,148 businesses with payroll tax liabilities will form within four quarters of their application date.
According to the report, there was a significant increase in business applications in the Northeast, with 68,475 new applications, a 6.5% increase from the previous month. Of the June business applications filed, the Census Bureau is projecting that 5,093 new businesses will form within four quarters of their application date.
The full Census Bureau report can be found here.