The U.S. Census Bureau has published updated Business Formation Statistics (BFS) covering September, October, and November 2025. The BFS tracks new business applications and formations across the United States and Puerto Rico, offering timely data for policymakers, researchers, and the public.
The statistics are released monthly and include a total of 12 series—four on business applications and eight on business formations. Data is provided at the national, regional, and state levels. Puerto Rico receives four monthly business application series as part of the standard BFS product.
The BFS was developed through collaboration between the Census Bureau and economists from organizations 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.
The dataset includes both seasonally adjusted and unadjusted figures. According to the announcement: “The BFS provide timely and high frequency information on new business applications and formations in the United States and Puerto Rico.”
There is no accompanying news release with this update; only a tip sheet has been provided.
