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 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.