Junjie Guo
Executive Summary:
Business applications for April 2023, adjusted for seasonal variation, were 5,229, a decrease of 1.88% from a month ago.
374 business applications are projected to have their first instance of payroll tax liabilities, an indication of business formation, within four quarters, a decrease of 7.65% from a month ago.
Actual business formations were last observed for December 2019, when business applications were 3,805 and 287 of them had their first instance of payroll tax liabilities within four quarters.
Among them, the average time between business application and formation is 1.53 quarters, com-pared to 1.59 quarters for the Midwest and 1.62 quarters for the United States.