The Business Formation Statistics (BTOS) data is a valuable tool for gaining insights into the state of the U.S. economy, excluding farms. This data is released biweekly and provides continuous, timely updates on key economic measures. It also includes detailed geographic and subsector information, making it useful in monitoring the impact of significant events such as natural disasters and economic crises.
The sample used in BTOS consists of around 1.2 million businesses that are surveyed on a biweekly basis. These businesses are split into six panels, each containing approximately 200,000 cases, which report every 12 weeks for a year. On average, it takes about nine minutes for respondents to complete the survey, including the time it takes to review instructions and provide answers.
The data collected from BTOS can be accessed by sector, state, and the 25 most populous metropolitan statistical areas. This information is instrumental to local, state, and federal officials as it provides real-time data to aid in policymaking and decision-making. Additionally, businesses can utilize this information to make informed economic decisions.
