The number of active businesses fell by 0.2% (-1,986) in October, its third decline in four months. This decrease was driven by the 0.4 percentage-point drop in the opening rate (4.2%), as the closure rate remained relatively unchanged at 4.8%.
In October, construction (21.6% of the overall decrease; -1,085 openings compared with the previous month) led the decline in the business sector openings, followed by transportation and warehousing (17.4%; -876) and professional, scientific and technical services (13.9%; -698).
The change in business closures in October varied across sectors and increases were highest in retail trade (+157 closures compared with the previous month), construction (+105) and transportation and warehousing (+93). These sectors also posted the largest declines in the number of active businesses.
In October, payroll employment declined by 0.2%, while gross domestic product remained relatively unchanged. Furthermore, rising inflation remained the most commonly expected obstacle over the fourth quarter of 2023. Transportation and warehousing, construction and retail trade were in the top five sectors where businesses were most likely to expect challenges related to rising inflation.
Description - Monthly estimates of business openings and closures, October 2023
Monthly business openings and closures, October 2023
|
930,000 active businesses in Canada |
-0.2% or -1,986 businesses from September 2023 |
|---|
This was the second consecutive decline in the number of active businesses.
Business opening and closure1 rates
|
Sept. 2023 |
Oct. 2023 |
|
|---|---|---|
|
Open |
4.6% |
4.2% |
|
Closed |
4.8% |
4.8% |
Change in business openings
Business openings saw the largest declines in construction, transportation and warehousing, and professional, scientific and technical services
|
Change in business openings |
|
|---|---|
|
Construction |
-1,085 |
|
Transportation and warehousing |
-876 |
|
Professional, scientific and technical services |
-698 |
Change in business closures
Business closures increased the most in retail trade, construction, and transportation and warehousing
|
Change in business closures |
|
|---|---|
|
Retail trade |
+157 |
|
Construction |
+105 |
|
Transportation and warehousing |
+93 |
Ontario and British Columbia drove the decline in business openings from September to October 2023.
|
Openings |
Closures |
|
|---|---|---|
|
Newfoundland and Labrador |
-167 |
-2 |
|
Prince Edward Island |
-60 |
+9 |
|
Nova Scotia |
-131 |
-26 |
|
New Brunswick |
-57 |
-18 |
|
Quebec |
-532 |
-214 |
|
Ontario |
-2,804 |
+43 |
|
Manitoba |
-207 |
-87 |
|
Saskatchewan |
-37 |
-43 |
|
Alberta |
-581 |
-75 |
|
British Columbia |
-1,153 |
-219 |
|
Yukon |
-5 |
-1 |
|
Northwest Territories |
0 |
-19 |
|
Nunavut2 |
X |
X |
- Openings are defined as businesses with employment in the current month and no employment in the previous month, while closures are defined as businesses that had employment in the previous month, but no employment in the current month.
- Data for Nunavut are suppressed to meet the confidentiality requirements of the Statistics Act.
Note: All data in this infographic are seasonally adjusted.
Source: Statistics Canada, Monthly Business Openings and Closures, October 2023.
Related products
Definitions, data sources and methods
Previous release
Data tables
- Experimental estimates for business openings and closures for Canada, provinces and territories, census metropolitan areas, seasonally adjusted
- Experimental estimates for business openings and closures by employment size for Canada, provinces and territories, census metropolitan areas, seasonally adjusted
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Contact information
For more information, contact the Statistical Information Service (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).