Figure 4. The growth came entirely from filings without signs of hiring intent

Percent change in business applications in AI-exposed sectors, Q1 2024 to Q1 2026

AI-exposed sectors include Professional Services, Information, Education, and Finance and Insurance. Employer-type applications are high-propensity business applications. Solo-type applications are an author-constructed proxy calculated as total business applications minus high-propensity business applications. The measure captures applications without the characteristics the Census Bureau associates with near-term employer formation; it is not a direct count of realized solo businesses.
Chart: Liya PalagashviliSource: U.S. Census Bureau, Business Formation Statistics (BFS)