In continuation from our previous business application article in the early months of 2022. Businesses in Pennsylvania have increased as business applications in May of 2022 are up 9 percent with 13,066 applications versus the month of April with 11,986 applications—a 0.4 percent decrease.
According to the latest statistics in the US Census, business applications from corporations went up 1.3 percent, with 938 applications in May. Business applications with planned wages also increased 0.1 percent, with 1,343 applications.
High-propensity business applications, which include corporate entities and hiring employees, went up 3.4 percent with 3,581 applications. Spliced business formations, which provides an entire time series for the projected and accurate business formations within four quarters went up 1 percent with 849 applications.
Overall, business applications have been beneficial for the Keystone State. Businesses in Pennsylvania should be able to feel more optimistic in the near future.