Monthly rises in business creation ends with May figures
Business creation dipped slightly in May after increasing each previous month this year, with 41 businesses launched and 23 renewed from their creation four years ago, or a total of 64 recorded by the city clerk’s office. It’s six lower than April, when there were 70 businesses created or renewed.
The 64 is also two down from March figures, but still higher than February’s 49 and January’s 45.
April’s total included 51 new businesses and 19 renewed. But while April figures showed a year-over-year increase since 2006, May figures have been erratic:
In 2006, the earliest period for which clerks have data readily available, there were 59 businesses recorded, all but seven being created that month.
In 2007, there was a stunning low of 37 businesses created or renewed, with all but six being created that month. The current “Great Recession” began in December of this year, or seven months after these low figures were recorded.
In 2008, figures jumped back up to 52 businesses created or renewed despite or because of the recession, with 14 of those falling into the renewal category.
Last year, the figure jumped again, to 68, including 20 renewals and 48 new businesses.
Because businesses have to be renewed every four years, the renewal rate in May indicates 44 percent of those launched in 2006 have survived.