The U.S. Census Bureau has released the latest Business Formation Statistics (BFS) for September, October, and November 2025. These statistics provide updated data on new business applications and formations across the United States and Puerto Rico.
The BFS is a monthly dataset that tracks both business applications and formations. It includes twelve series in total: four application series and eight formation series. Data are available at national, regional, and state levels. For Puerto Rico, four monthly business application series are included as part of the standard release.
According to the Census Bureau, “The BFS provide timely and high frequency information on new business applications and formations in the United States and Puerto Rico.” The development of these statistics involved collaboration with economists from several institutions including the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of Atlanta, the University of Maryland, and the University of Notre Dame.
Both seasonally adjusted and unadjusted data are provided in each release. The BFS is considered a standard product from the Census Bureau.
There was no accompanying news release for this announcement; it was issued as a tip sheet only.
