April 20, 2024 8:30 pm
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Local News

Small Business Applications Soar in the Midwest


Staff Writer 

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, business applications in the Midwest saw the highest growth, with 76,218 new applications, a 6.7% increase from the previous month. Of the June business applications filed, the Census Bureau is projecting that 5,209 new businesses will form within four quarters of their application date. 
The full Census Bureau report can be found here.

A Shrinking Job Market- State of Employment in MI

Data from the U.S. The Bureau of Labor Statistics provides insight into the scope of employment in Michigan. With information from as recently as January, 2024, we can compare Michigan’s employment turnover data with that of other states to get a better picture of how things stand here in the Great Lakes State.