More high propensity applications translate to more establishment births

Relationship between the change in establishment births over the last year of data (Q2 2023 - Q1 2024) versus the most recent pre-pandemic year (Q1 2019 - Q4 2019),
and the change in high-propensity business applications 2018-2023, assuming a 1-year lag between initial application and business opening.

Sized by state population in 2023. Wyoming and Delaware are outliers and are not displayed.
Source: The Census Bureau's Business Formation Statistics and the Bureau of Labor Statistics' Business Employment Dynamics Statistics