In March 2023, the number of active businesses dropped by 0.2%, following a 0.3% decrease in February. The decline in the number of active businesses in March was driven by the 0.1 percentage point increase in the business closure rate (4.6%) combined with the 0.1 percentage point contraction in the opening rate (4.3%).
The number of active businesses decreased or changed little in all industries in March 2023. Consistent with changes in payroll employment, construction (-0.9% growth rate; -1,087 change in the number of businesses) posted the largest drop in the number of active businesses relative to February. It was followed by transportation and warehousing (-1.8%; -915) and accommodation and food services (-0.9%; -585). The latter posted the largest decline in payroll employment in the services-producing sector in March.
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