In March, the business opening rate declined by 0.2 percentage points to 4.4%, following a 0.2 percentage point contraction in February. The opening rate in March was 0.3 percentage points below the 2015-to-2019 historical average rate of 4.7%. In contrast, the closure rate held steady at 4.7% in March 2024, after a 0.1 percentage point increase in February. The closure rate in March was just above the historical average rate of 4.6%. As a result of the decline in business openings, the number of active businesses in March 2024 dropped by 0.2% (-1,725 active businesses), following almost no change in February.
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