The Business Formation Intelligence Index (BFII) provides a structured view of U.S. business formation, analyzing the level, composition, and momentum of new business based on analysis of U.S. Census Bureau data.
Composite BFII reached 152.5 in Q1 2026, remaining elevated on a trailing basis. Momentum showed signs of moderation, while underlying formation measures continued to diverge.
The expectation would be that new business formation slows in response. It hasn't. New business formations are still growing +9.5% YoY, continuing a multi-year trend of elevated startup activity.
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