Business Applications with Planned Wages: Total for All NAICS in Ohio
BAWBATOTALSAOH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,175.00
Year-over-Year Change
-4.55%
Date Range
7/1/2004 - 6/1/2025
Summary
This economic trend tracks the total number of new business applications in Ohio that include planned wages for employees. It serves as an indicator of economic dynamism and entrepreneurial activity in the state.
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
The Business Applications with Planned Wages metric measures the volume of new business applications filed in Ohio that anticipate hiring employees. This provides insight into emerging small businesses and job creation in the state's economy.
Methodology
The data is collected and reported by the U.S. Census Bureau based on administrative records of business applications.
Historical Context
Policymakers and analysts use this trend to gauge the health and resilience of Ohio's small business sector and labor market.
Key Facts
- Ohio ranked 7th among U.S. states for new business applications in 2021.
- Applications with planned wages have risen over 50% since the start of the COVID-19 pandemic.
- Small businesses account for over 99% of all enterprises in Ohio.
FAQs
Q: What does this economic trend measure?
A: This trend tracks the total number of new business applications filed in Ohio that include planned wages for employees, providing insight into entrepreneurial activity and small business formation in the state.
Q: Why is this trend relevant for users or analysts?
A: The Business Applications with Planned Wages metric is an important indicator of economic dynamism and job creation, which are closely watched by policymakers, investors, and economists studying the health of Ohio's small business sector and labor market.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau based on administrative records of business applications filed in Ohio.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to gauge entrepreneurial activity, small business formation, and labor market conditions in Ohio, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a lag of several weeks, so there may be a delay in capturing the most recent economic conditions. Additionally, the data only reflects new business applications, not actual business openings or employment.
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Citation
U.S. Federal Reserve, Business Applications with Planned Wages: Total for All NAICS in Ohio (BAWBATOTALSAOH), retrieved from FRED.