New York leads mass small business closures

New data shows that New York is among the states with the most small businesses closed since the pandemic began.

New York leads mass small business closures

A new analysis by Facebook showed that New York has tied with Pennsylvania for the list of states with the most small business closures during the coronavirus pandemic.

New York and Pennsylvania have the highest rate of small business closings in the entire United States, according to recent data released by Facebook.

Empire State y Keystone State have the highest rate of small business closure in the country with 31% each state, followed by Massachusetts with a reported closing rate of 30%.

The coronavirus pandemic has wreaked havoc on New York’s economic sector. Since the crisis began, small businesses have had to close their doors permanently because they did not have enough financial resources to stay afloat.

Although the Andrew Cuomo administration has fueled the revival of the economy, many small business owners say they will need much more financial support to avoid closing their stores by the end of the year.

The Facebook study also found that small businesses fared better in small U.S. states like Maine, Idaho y Colorado.

Maine and Idaho, posted a 9% small business closure rate, while Colorado ranked 22nd on the list with a 10% closure rate.

Based on data from Facebook, reviewed by Fox Business, 22% of small businesses in the United States reported closing their doors in February 2021, an increase of 14% compared to October 2020.

While, 55% of small businesses globally reported declining sales year-over-year in January, destaca Fox Bussiness.

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The study found that small businesses owned by African Americans were up to 38% more likely to close their doors or have lower sales than other small businesses.

54% of companies led by women reported a drop in their sales compared to 47% of male-run businesses.

The difference between small businesses led by men and women was greater in Tennessee with 23%, Ohio with 16%, Illinois with 14% and Missouri with 14%.

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They demand to suspend reopening in New York due to covid-19 casesThey demand to suspend reopening in New York due to covid-19 cases

The impact of the pandemic in New York continues to create strong cracks in the New York economy.

According to data TrackTheRecovery.org, a Harvard University database that tracks the economic impact of the virus., for this February, the 47% of New York City small businesses closed their doors definitively or in a short period of time due to the economic crisis of the pandemic.

The owners of these businesses have asked Governor Andrew Cuomo to provide more financial support to avoid a massive shutdown of their businesses in the short term.

The Facebook-led study also found that the 27% of small businesses based in the United States and the 30% of the world‘s small businesses have reduced their workforce due to the pandemic.

These same data indicated that 32% of small businesses that are minority-led African Americans, Hispanics, Asian-Americans and other races have seen a reduction in jobs since the start of the coronavirus pandemic.

New York consolidated as the state where employment fell the most with 38%followed by Illinois and Michigan with 36%, California with 33% and Florida with a 32% job reduction.

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The hotel sector it was the most affected in terms of closings, sales drops and staff reductions. This industry reported a reduction of its workforce of 53% in the United States, and 50% worldwide.

You can also read: 9 million small businesses will not survive in 2021

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