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US business openings reach all-time high in 2022
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U.S. business openings notched an all-time high in 2022 despite the onslaught of macroeconomic challenges, according to a new report from Yelp.
Over 637,000 new businesses opened their doors across the nation in 2022, up 12% from pre-pandemic 2019, according to the publisher of crowd-sourced reviews. Yelp has been tracking how COVID-19 has reshaped local economies and changed communities across the country.
Its latest report shows that new business growth in 86% of states even exceeded pre-pandemic levels, especially in the South, which had the strongest growth last year.
This underscores how local businesses were able to "persevere through labor shortages, high inflation, supply chain challenges" among other issues, according to Yelp's latest data.
INFLATION EASES IN DECEMBER TO 6.5%, BUT PRICES REMAIN STUBBORNLY HIGH