SVP - Growth & Data Partnerships | Data Marketer & Strategist | Maximizing the Value of Data | Building Strong Relationships | Driving Revenue and Growth
JULY NEW BUSINESS FORMATIONS DOWN 11% YEAR-OVER-YEAR 📉 The U.S. Census Bureau released their Business Formation Statistics for July and confirmed a continuing slowing in new business formations. July marked the 3rd straight month in which all 4 Census Bureau regions posted YOY declines. It should be noted that we typically see a softening of New Business Registrations in the lead up to a Presidential election. Here are some key findings of this month's report: 🔹 July saw 420,802 new business registrations filed - down 2.1% from June and 11.5% YOY 🔹July marks the 6 consecutive month of YOY declines 🔹All 4 Census Bureau Regions posted monthly and YOY declines 🔹Every state except for MT, SD and NH saw YOY declines 🔹The West and South saw the largest YOY drop in registrations We expect to see this trend continue through the Election as potential business owners are sitting on the fence until they can determine what the post-election economic outlook will be. We did see a December spike following the 2012 and 2016 elections. Naturally 2020, was a unique situation as we entered the post-Covid period which saw new business registrations skyrocket. If you are thinking about starting a new business, are you waiting until after the election to take the plunge? #newbusinessformations #smallbuiness #election #entrepreneurs