Excerpt: “Business Applications Business Applications for January 2025, adjusted for seasonal variation, were 392,496, a decrease of 14.0 percent compared to December 2024. Business Formations Projected Business Formations (within 4 quarters) for January 2025, adjusted for seasonal variation, were 24,574, a decrease of 14.3 percent compared to December 2024. The projected business formations are forward looking, providing an estimate of the number of new business startups that will appear from the cohort of business applications in a given month. It does not provide an estimate of the total number of business startups that appeared within a specific month. In other words, the Census Bureau is projecting that 24,574 new business startups with payroll tax liabilities will form within 4 quarters of application from all the business applications filed during January 2025. The 14.3 percent decrease indicates that for January 2025 there will be 14.3 percent fewer businesses projected to form within 4 quarters of application, compared to the analogous projections for December 2024.”
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