The U.S. Census Bureau has released the Business Formation Statistics (BFS) for July 2025, providing updated data on new business applications and formations across the United States. The BFS offers high-frequency information and is a regular product of the Census Bureau, created in partnership 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.
According to the agency, “The BFS provide timely and high frequency information on new business applications and formations in the United States. The BFS are a standard data product of the Census Bureau, developed in research collaboration with economists affiliated with 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.”
Each month, a comprehensive dataset is published containing 12 series—four focused on applications and eight on formations—with statistics available at national, regional, and state levels. Both seasonally adjusted and non-adjusted data are included.
Additionally, this release features Monthly Puerto Rico Business Applications as an experimental product. It presents four monthly business application series for Puerto Rico using methodology consistent with that applied to existing BFS reports.
No separate news release was issued alongside this announcement; it was distributed as a tip sheet only.