New business starts – as indicated by applications for tax IDs, averaged over four weeks – are up strongly in the nation as a whole, rising 28.9% from the year-ago level. Even on a week-to-week basis, there was a big jump – from nearly 88,000 to almost 103,000.
That surge may be explained by the enthusiastic reopening of business in some states during June (and the jury is still out on how those new businesses will fare with the ratcheting down of those openings as new COVID-19 cases multiplied).
In Washington state, which has moved more slowly to reopen its economy, new business applications climbed modestly from 1,420 to 1,490, week over week. The four-week average was behind last year’s pace, after a couple weeks where the average slightly exceeded the year-ago level.