Comparable baseline
Indiana at a glance
| Population | 6,973,333 | July 1, 2025; +2.7% since 2020 |
|---|---|---|
| Business applications | 10,639 | July 2026, seasonally adjusted |
| Trailing-12-month applications | 98,265 | 1,409.2 per 100,000 residents |
| High-propensity applications | 2,336 | 22.0% of July applications |
| Projected employer formations | 505 | Census four-quarter projection for July's cohort |
| Small businesses | 591,671 | SBA 2025 profile; underlying employer and nonemployer data are from 2022 |
| Small-business employment | 1,241,838 | 43.2% of private employment in 2022 |
| Employer establishments | 155,692 | 2023 County Business Patterns |
Application rankings cover the 50 states and use unrounded figures. Applications are qualifying EIN filings, not confirmed business openings. Measurement years differ because federal datasets are released on different schedules.
July broke sharply from the recent pattern
Indiana recorded 10,639 seasonally adjusted business applications in July 2026. That was 26.7% more than in June and 42.8% more than in July 2025, the eighth-fastest year-over-year increase among the states.
The jump stands out because the same month had been nearly flat in the two preceding years: Indiana recorded 7,430 applications in July 2024 and 7,449 in July 2025. The July 2026 total was also 50.0% above July 2022 and 150.9% above July 2019.
That makes July important. It does not yet make it a trend.
The trailing year gives a more restrained reading
Indiana recorded 98,265 unadjusted applications from August 2025 through July 2026, 12.0% more than in the preceding 12 months. That growth rate ranked 42nd nationally—34 places below the state’s July year-over-year rank.
For another point of reference, the 50-state median trailing-year increase was 16.1%. Indiana’s estimated population grew 2.7% from 2020 to 2025, close to the middle of the state distribution. Neither comparison supplies an explanation for July’s change.
The state’s application level was also close to the middle after population adjustment. July produced 152.6 applications per 100,000 residents, ranking 27th. The trailing-year rate was 1,409.2 per 100,000, ranking 37th and below the 50-state median of 1,588.1.
Application composition also argues for patience. Of July’s filings, 2,336—or 22.0%—met the Census high-propensity criteria, ranking 44th among the states. Census projected 505 employer formations within four quarters from the July cohort, equal to 4.75 per 100 applications. These are classification and model measures, not observed openings, and neither rose to the same comparative level as the headline application increase.
Manufacturing is Indiana’s durable distinction
Whatever happens to the monthly application series, manufacturing remains central to Indiana’s employer economy. In 2023 County Business Patterns, the sector employed 524,995 people, or 17.95% of covered private employment. Manufacturing was Indiana’s largest sector in that dataset and its employment share was about 2.03 times the 50-state share.
That is a genuine specialization, not evidence that manufacturers produced the July application jump. Business Formation Statistics do not provide the state-by-industry evidence needed to make that link.
The SBA’s state profile adds another structural fact. Indiana’s 591,671 published small businesses employed 1,241,838 people in the underlying 2022 data, or 43.2% of private employment. That share ranked 44th. Indiana can therefore have an economy with a major manufacturing base and hundreds of thousands of small businesses while a comparatively large portion of private employment sits outside small firms.
Indianapolis leads, but employment is widely distributed
Marion County was Indiana’s largest employer center in 2023, with 544,147 covered private jobs, or 18.6% of the state total. Allen County had 190,285 jobs and Lake County 171,790. The top three together accounted for 31.0% of statewide employment.
That distribution differs markedly from states dominated by one county. Indianapolis is clearly the largest node, but more than four-fifths of Indiana’s covered private jobs were outside Marion County. Fort Wayne/Allen, northwest Indiana/Lake, and other markets remain material to the statewide picture.
Official resources for Indiana businesses
- Start with INBiz for entity filings, business search, reports, and certificates managed through Indiana’s joint business portal.
- Use the Indiana Department of Revenue’s business-tax page for registration routes covering applicable sales, withholding, and other taxes; existing accounts are generally managed through INTIME.
- Check Indiana’s state licensing hub and INBiz licensing tools for agency- and profession-specific requirements.
- Contact an Indiana SBDC regional office for planning and business assistance.
INBiz is the state starting point, not a substitute for city and county zoning, property, occupational, or operating requirements.
Source and calculation note
BizFacts used the Census Business Formation Statistics revision available September 3, 2026. July counts and changes are seasonally adjusted; trailing-year figures are unadjusted totals for August 2025 through July 2026 compared with the preceding 12 months. Rates use the July 1, 2025 population estimate. Manufacturing and county employment come from 2023 County Business Patterns; the small-business count and employment figures come from the SBA 2025 profile’s principally 2022 components. All ranks compare the 50 states using unrounded values.