Business openings reached an all-time high in the US last year, with the vast majority of states exceeding pre-pandemic levels, according to Yelp Inc. data.
(Bloomberg) — Business openings reached an all-time high in the US last year, with the vast majority of states exceeding pre-pandemic levels, according to Yelp Inc. data.Â
About 637,590 businesses opened on Yelp’s online platform in 2022, compared with 566,836 in 2019.Â
In particular, the number of new businesses catering to homeowners and offering local services soared. But openings of dining, shopping and nightlife establishments — the most hard-hit by the pandemic — continue to remain below pre-Covid levels.
The figures add to evidence that the boom in entrepreneurship spawned by the pandemic may be long-lasting. They also show how local economies have rebounded, with big cities seeing a burst in new hotels and beauty businesses.
The recovery has been uneven, however. A handful of states are below pre-pandemic levels in terms of growth in openings on Yelp. They include New York and California, two states that have seen their populations decline during the Covid-19 crisis.Â
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.