According to recent data from the United States Census Bureau, the nation’s total business applications increased by 3,790 between December 2022 to January 2023, from 417,167 to 420,987. Of these applications, the Census Bureau is projecting that 30,604 new business startups with payroll tax liabilities will form within 4 quarters of their January application date.
Per the new report, in the Northeast, business applications increased from 60,135 applications in December 2022 to 61,137 in January 2023. And, of these applications, the Census Bureau is projecting that 4,905 new business startups will form within 4 quarters of application in January.
According to a recent report by Goldman Sachs, Pennsylvania small business owners are expectant and confident that 2023 will be a great year. Of those surveyed, 92% anticipate that they will create new jobs (54%) or maintain the number of jobs (38%). Nationally, only 89% of owners believed the same.
As businesses continue to grow in the state and Pennsylvania business owners creating new jobs, the state may see even more growth this year.