New-business applications rose in 797 of America's 801 large counties.
Between 2019 and 2025, applications per adult rose 53% across the US. They grew no faster where household incomes fell. If anything, they grew faster where incomes rose.
Study 1, The New Business Map. Source: US Census Bureau, Business Formation Statistics and American Community Survey.
The typical county is the median. Only counties where the change in real household income is statistically clear are counted (falls must pass a false-discovery-rate test). Source: Censal Research analysis of US Census Bureau data.
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Tampa led the big metros. New York trailed.
Among America's largest metro areas, applications per adult grew fastest in Tampa, Seattle and Louisville, and slowest in New York, Washington DC and Atlanta.
See all 39 big metrosSource: Censal Research analysis of US Census Bureau data.
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