Business Applications: Total for All NAICS in Illinois
BABATOTALSAIL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14,915.00
Year-over-Year Change
4.74%
Date Range
7/1/2004 - 6/1/2025
Summary
The 'Business Applications: Total for All NAICS in Illinois' metric tracks new business applications in the state, providing insight into entrepreneurial activity and economic vitality.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This U.S. Census Bureau metric measures the total number of new business applications filed across all industry sectors in Illinois. It serves as an important leading indicator for policymakers and analysts monitoring state-level economic conditions and small business trends.
Methodology
The data is collected through administrative records of new business applications submitted to state and local governments.
Historical Context
Trends in business applications are closely watched by economists and policymakers as a barometer of entrepreneurship, job creation, and future economic growth.
Key Facts
- Illinois ranked 5th among U.S. states for total business applications in 2022.
- Business applications in Illinois declined by 8.2% in 2020 due to the COVID-19 pandemic.
- The services and retail trade sectors account for the largest share of new business applications in Illinois.
FAQs
Q: What does this economic trend measure?
A: The 'Business Applications: Total for All NAICS in Illinois' metric tracks the total number of new business applications filed across all industry sectors in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric serves as an important leading indicator for policymakers and analysts monitoring entrepreneurial activity, small business trends, and overall economic conditions in Illinois.
Q: How is this data collected or calculated?
A: The data is collected through administrative records of new business applications submitted to state and local governments.
Q: How is this trend used in economic policy?
A: Trends in business applications are closely watched by economists and policymakers as a barometer of entrepreneurship, job creation, and future economic growth.
Q: Are there update delays or limitations?
A: The data is published by the U.S. Census Bureau with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Census Bureau, Business Applications: Total for All NAICS in Illinois (BABATOTALSAIL), retrieved from FRED.