The long-term effects of the COVID-19 pandemic on the economy have yet to be ascertained fully. In order to successfully overcome the upcoming economic challenges, we must have a good initial understanding of the state of U.S. business creation and longevity prior to the current coronavirus crisis.
For this purpose, CommercialCafe just released a new study which offers an overview of the business landscape between 2008 and 2018 in the U.S., focusing on net gains or losses in the total number of active businesses, as well as the specific industries and states in which these changes were most notable.
Here are a few highlights:
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Among states in the South, Georgia recorded the third-highest net increase in its number of businesses with an overall growth of 2%, bringing the state’s tally from roughly 180,000 businesses in 2008 to 184,000 in 2018.
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The healthcare industry contributed the most to the expansion of the local business landscape, adding 1,765 firms to Georgia’s economy.
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About 86% of the total number of companies in the Peach State have fewer than 20 employees, and only 2% employ more than 500 people.
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In Georgia 32% of companies have been active for more than 16 years, while 15% of businesses are younger than two years.
Read the full article here, including our methodology: https://www.commercialcafe.
