| State lost 47,000 employers in 2008 |
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| In The News | ||||
| Thursday, 17 December 2009 09:51 | ||||
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One of every six U.S. employers that closed permanently in 2008 was in California, according to the U.S. Small Business Administration using bankruptcy court data.
However, one in nine employers that opened in 2008 was in California. The net result was almost 47,000 fewer companies with employees in California by the end of 2008. The data are part of the Census Bureau’s Statistical Abstract of the United States 2010. The state had 45.1% more business “deaths” than “births,” one of the steepest changes. Note that many of the closures were started in other years. In California’s case many of those losses were in the real estate and financial services industries because of the subprime mortgage meltdown and crash of the housing market. The United States as a whole had 10.5% more business deaths than births. Other states with huge numbers of employer closures compared to startups in 2008 are:
Only 10 states had more employers open than closein 2008, reflecting how widespread the recession has been. Most of those states gained just a few employers. The notable gainers are:
The Statistical Abstract, first published in 1878, is perennially the federal government’s most popular reference book. this 129th edition has more than 1,400 tables of social political and economic facts. (My biggest gripe is that the data are datED. Much of it is 2006; some 2002. The Census says it is the newest information available as of the summer of 2009.)
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