Business Applications: Total for All NAICS in Utah
BABATOTALNSAUT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,190.00
Year-over-Year Change
-3.15%
Date Range
7/1/2004 - 6/1/2025
Summary
The 'Business Applications: Total for All NAICS in Utah' trend measures the number of new business applications filed in the state of Utah. This metric is an important indicator of 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 series tracks the total number of new business applications submitted to the Internal Revenue Service (IRS) for establishments located in Utah. It provides insight into business dynamism and the formation of new enterprises, which are crucial drivers of economic growth and job creation.
Methodology
The data is collected and published by the U.S. Census Bureau based on filings with the IRS.
Historical Context
Policymakers and analysts monitor this trend to assess the business climate and small business development in Utah.
Key Facts
- Utah ranked 3rd among U.S. states for business applications in 2022.
- Business applications in Utah peaked in 2020 during the COVID-19 pandemic.
- The trend has shown steady growth over the past decade, reflecting Utah's vibrant entrepreneurial ecosystem.
FAQs
Q: What does this economic trend measure?
A: The 'Business Applications: Total for All NAICS in Utah' metric tracks the number of new business applications filed with the IRS for establishments located in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insight into entrepreneurial activity and the formation of new enterprises in Utah, which are key drivers of economic growth and job creation.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Census Bureau based on filings with the Internal Revenue Service (IRS).
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this trend to assess the business climate and small business development in Utah, which can inform economic policies and support programs.
Q: Are there update delays or limitations?
A: The data is published on a weekly basis, with some delay in reporting, but it provides a timely and comprehensive view of new business applications in Utah.
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Citation
U.S. Federal Reserve, Business Applications: Total for All NAICS in Utah (BABATOTALNSAUT), retrieved from FRED.