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Positions are descriptive context, not a composite score, causal estimate, statewide legal antitrust market, measure of startup success, or evidence that applications and concentration move together for a common reason."},{"applicationCount":1224,"applicationMomChangePercent":8.222812,"applicationUsSharePercent":0.211426,"applicationYoyChangePercent":23.511604,"atlasHref":"/atlas?depth=1&focus=geography%3ASD&layer=measurement","bankingBranchCount":421,"bankingConcentrationClass":"highly_concentrated","bankingDepositsThousands":919583000,"bankingHhi":4654,"bankingLeadingOrganization":"CITIGROUP INC.","bankingLeadingOrganizationSharePercent":56.8,"bankingOrganizationCount":80,"bankingOrganizationsOver5Percent":2,"bankingSourceId":"fdic-sod-2025","bankingYear":2025,"color":"#1769b0","contextHref":"/geographies/formation?map=application-yoy-change&size=trailing-applications&state=SD&view=map&x=application-yoy-change&y=banking-hhi#state-formation-context-workspace","formationHref":"/economy/formation?entity=SD&from=2021-08&lens=count&metric=business-applications&period=2026-07&scope=states&to=2026-07&view=trajectory#business-formation-workspace","formationPeriod":"2026-07","formationSourceId":"census-business-formation-2026","highPropensityCount":301,"highPropensitySharePercent":24.591503,"id":"formation-state-context:SD","insuranceConcentrationClass":"highly_concentrated","insuranceHhi":3396,"insuranceInsurersOver5Percent":3,"insuranceLeadingInsurerSharePercent":40,"insuranceSourceId":"kff-individual-insurance-market-2024","insuranceYear":2024,"profileHref":"/geographies/south-dakota","projectedFormationSharePercent":6.862745,"projectedFormations4q":84,"projectedFormations4qStatus":"observed","region":"Midwest","sourceIds":["census-business-formation-2026","fdic-sod-2025","kff-individual-insurance-market-2024"],"stateCode":"SD","stateName":"South Dakota","trailing12ApplicationCount":13271,"trailing12HighPropensityCount":3657,"apiHref":"/api/public/business-formation-state-context?state=SD","boundary":"The FDIC lane aggregates reported branch deposits statewide and is not a deposit or lending market definition. 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Positions are descriptive context, not a composite score, causal estimate, statewide legal antitrust market, measure of startup success, or evidence that applications and concentration move together for a common reason."},{"applicationCount":57190,"applicationMomChangePercent":15.806739,"applicationUsSharePercent":9.878637,"applicationYoyChangePercent":25.496478,"atlasHref":"/atlas?depth=1&focus=geography%3ATX&layer=measurement","bankingBranchCount":6000,"bankingConcentrationClass":"unconcentrated","bankingDepositsThousands":1498234125,"bankingHhi":899,"bankingLeadingOrganization":"JPMORGAN CHASE & CO.","bankingLeadingOrganizationSharePercent":19.8,"bankingOrganizationCount":439,"bankingOrganizationsOver5Percent":5,"bankingSourceId":"fdic-sod-2025","bankingYear":2025,"color":"#d94d66","contextHref":"/geographies/formation?map=application-yoy-change&size=trailing-applications&state=TX&view=map&x=application-yoy-change&y=banking-hhi#state-formation-context-workspace","formationHref":"/economy/formation?entity=TX&from=2021-08&lens=count&metric=business-applications&period=2026-07&scope=states&to=2026-07&view=trajectory#business-formation-workspace","formationPeriod":"2026-07","formationSourceId":"census-business-formation-2026","highPropensityCount":13343,"highPropensitySharePercent":23.331002,"id":"formation-state-context:TX","insuranceConcentrationClass":"moderately_concentrated","insuranceHhi":2311,"insuranceInsurersOver5Percent":5,"insuranceLeadingInsurerSharePercent":40,"insuranceSourceId":"kff-individual-insurance-market-2024","insuranceYear":2024,"profileHref":"/geographies/texas","projectedFormationSharePercent":5.479979,"projectedFormations4q":3134,"projectedFormations4qStatus":"observed","region":"South","sourceIds":["census-business-formation-2026","fdic-sod-2025","kff-individual-insurance-market-2024"],"stateCode":"TX","stateName":"Texas","trailing12ApplicationCount":592244,"trailing12HighPropensityCount":154088,"apiHref":"/api/public/business-formation-state-context?state=TX","boundary":"The FDIC lane aggregates reported branch deposits statewide and is not a deposit or lending market definition. 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Positions are descriptive context, not a composite score, causal estimate, statewide legal antitrust market, measure of startup success, or evidence that applications and concentration move together for a common reason."},{"applicationCount":7538,"applicationMomChangePercent":-0.211808,"applicationUsSharePercent":1.302066,"applicationYoyChangePercent":14.891023,"atlasHref":"/atlas?depth=1&focus=geography%3AWY&layer=measurement","bankingBranchCount":206,"bankingConcentrationClass":"unconcentrated","bankingDepositsThousands":21195650,"bankingHhi":544,"bankingLeadingOrganization":"FIRST INTERSTATE BANCSYSTEM, INC.","bankingLeadingOrganizationSharePercent":13.3,"bankingOrganizationCount":44,"bankingOrganizationsOver5Percent":5,"bankingSourceId":"fdic-sod-2025","bankingYear":2025,"color":"#18875d","contextHref":"/geographies/formation?map=application-yoy-change&size=trailing-applications&state=WY&view=map&x=application-yoy-change&y=banking-hhi#state-formation-context-workspace","formationHref":"/economy/formation?entity=WY&from=2021-08&lens=count&metric=business-applications&period=2026-07&scope=states&to=2026-07&view=trajectory#business-formation-workspace","formationPeriod":"2026-07","formationSourceId":"census-business-formation-2026","highPropensityCount":1714,"highPropensitySharePercent":22.738127,"id":"formation-state-context:WY","insuranceConcentrationClass":"highly_concentrated","insuranceHhi":5695,"insuranceInsurersOver5Percent":2,"insuranceLeadingInsurerSharePercent":69,"insuranceSourceId":"kff-individual-insurance-market-2024","insuranceYear":2024,"profileHref":"/geographies/wyoming","projectedFormationSharePercent":3.091006,"projectedFormations4q":233,"projectedFormations4qStatus":"observed","region":"West","sourceIds":["census-business-formation-2026","fdic-sod-2025","kff-individual-insurance-market-2024"],"stateCode":"WY","stateName":"Wyoming","trailing12ApplicationCount":85764,"trailing12HighPropensityCount":20790,"apiHref":"/api/public/business-formation-state-context?state=WY","boundary":"The FDIC lane aggregates reported branch deposits statewide and is not a deposit or lending market definition. The KFF lane covers the ACA-regulated individual insurance market, not health care generally. Census applications are selected EIN applications, not operating firms or observed employer formations in the publication month.","guardrail":"This atlas joins three separately defined state-level systems by exact postal code: monthly Census Business Formation Statistics, a statewide FDIC branch-deposit concentration screen, and KFF's ACA-regulated individual-insurance market concentration. Shared geography does not make the product markets, denominators, populations, periods, or competitive meanings equivalent. Positions are descriptive context, not a composite score, causal estimate, statewide legal antitrust market, measure of startup success, or evidence that applications and concentration move together for a common reason."}]}