A new report finds that Connecticut recorded a 6.4% decline in its number of businesses over 10 years, compared with a 2.5% average national increase.
The report by Commercial Café, based on data from the U.S. Census Bureau, measures trends between 2008 and 2018. In it, the company found that the number of businesses in the Nutmeg State decreased from 75,842 in 2008 to 71,019 in 2018.
The manufacturing sector was particularly hit hard, dropping by 18.7% in Connecticut compared to 12.6% nationally. Construction also recorded a double-digit loss in the state””16.4% — compared with a 5.5% decline nationally.
The state saw increases in education services (19.1%), accommodation and food services (13.6%), and arts and entertainment (2.8%) and during the 10-year period.
Much of the blame for the losses can be assigned to the Great Recession. The surveyed period predates the Covid-19 pandemic.
