Business closures continue to increase

From October to November, business closures rose by 5.6 per cent and business openings decreased by 0.6 per cent

New data released by Statistics Canada on Monday indicates that the number of active businesses in Canada in November remained 4.5 per cent lower than in February 2020.

The federal agency said the the number of business openings (49,956) exceeded the number of business closures (35,533) for the fifth consecutive month, but business closures have continued to increase since August. 

From October to November, business closures rose by 5.6 per cent and business openings decreased by 0.6 per cent, it said. 

“Except for mining, quarrying, and oil and gas extraction and for utilities, business closures increased in all industries from October 2020 to November 2020. They continued to rise in the industries that were the most impacted at the beginning of the pandemic; since October 2020, closures have increased by 20.3 per cent (+91) in arts, entertainment and recreation; 13.9 per cent (+270) in other services (except public administration); and 12.7 per cent (+190) in accommodation and food services,” said StatsCan.

 

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