U.S. Business Applications Over Time
Monthly applications from January 2010 through May 2026, with the pre-COVID baseline, the early-pandemic shock, and the higher post-COVID formation regime highlighted.
Pre-COVID baseline
Initial shock
Post-COVID reset
Latest month
Pre-COVID baseline
Post-COVID average
2025-2026 average
Monthly applications trend
The full monthly series is shown with a 12-month rolling average and horizontal guides for the pre- and post-COVID average levels.
Where formation accelerated or stalled
Bars show year-over-year change by month, while the line tracks the 6-month average level to show whether accelerations were durable.
Seasonal intensity by year and month
The heatmap makes it easier to see how the entire monthly distribution shifted upward after 2020, not just one or two isolated spikes.
Trend summary
The post-2020 step-up was not a brief spike. Even after the initial surge cooled, the series stayed above the older monthly baseline and recently moved higher again.
How to read the periods
Use these period markers to compare the earlier baseline with the pandemic shock and the higher formation regime that followed.
Pre-COVID
Shock window
Post-COVID
Largest post-2020 accelerations and stalls
These months saw the biggest one-month jumps or pullbacks after the pandemic began.
| Type | Month | Applications | Change vs prior month | % change |
|---|