The South drove new business application growth in 2026

Summary

• Nationwide business formation growth in 2026 was driven primarily by new business applications from the South.
• The data covers year-to-date figures through September 2026.
• Business applications indicate a potential pipeline of entrepreneurial activity rather than realized business formation or wealth creation.
• Wholesale trade held the largest share of revenue across all US regions.
• Finance and insurance accounted for more than 20% of revenue in the Northeast.
• Finance and insurance accounted for approximately half that share in the West.
• Manufacturing represented 8.5% of revenue in the Northeast.
• Manufacturing represented more than 20% of revenue in the Midwest.
• Liz Everett Krisberg serves as Head of the Bank of America Institute.
• David Michael Tinsley serves as Senior Economist at the Bank of America Institute.