Data Sources

All IndustryStat metrics are derived from official U.S. government statistical programs.

Business Dynamics Statistics (BDS)

U.S. Census Bureau

Annual data on business establishment openings, closings, expansions, and contractions. Provides firm-level longitudinal tracking essential for survival rate calculations. Data is available at the state and NAICS sector level.

Used for:

  • 5-Year Firm Retention (survival percentile)
  • Growth Momentum (firm entry rates, job creation rates)
  • Firm entry and exit patterns

BDS Data Tables → | Program Overview →

Quarterly Census of Employment and Wages (QCEW)

Bureau of Labor Statistics

Comprehensive employment and wage data derived from unemployment insurance tax records. Covers approximately 95% of U.S. jobs. Provides establishment counts, employment levels, and wage data at state and industry levels.

Used for:

  • Establishment Density (establishments per 10k capita)
  • Wage Pressure Index (average weekly wages, year-over-year growth)
  • Market Volatility (standard deviation of employment growth)
  • Employment levels and growth trends

QCEW Data Viewer → | Program Overview →

Population Estimates

U.S. Census Bureau

Annual state population estimates used for per-capita calculations in the Establishment Density component.

census.gov/programs-surveys/popest.html →

Data Currency

  • BDS data: 2023 vintage (released ~18 months after reference year). The lag is inherent to the Census Bureau's longitudinal verification process, which tracks individual firms across years to confirm survival status before publication.
  • QCEW data: Q4 2024 (released quarterly with ~6-month lag). BLS aggregates employer-reported unemployment insurance records, which requires cross-state deduplication before release.
  • Last site update: February 2026

All scores are recomputed and the entire site is rebuilt when new source data drops. No manual adjustments, no editorial overrides.

Coverage and Granularity

All analysis is conducted at the 2-digit NAICS sector level (e.g., NAICS 23 for Construction, NAICS 44-45 for Retail Trade). This is the most granular level at which both BDS and QCEW provide consistent state-level data across all 51 markets. Sub-industry breakdowns (3-digit and below) are not available at sufficient geographic coverage for cross-state comparison.

For details on how these data sources are combined into our Entry Risk Score and other metrics, see our full methodology.