Monthly estimates of business openings and closures, November 2024
Released: 2025-02-24
In November, the business opening rate rose 0.2 percentage points to 5.0% after holding relatively steady at 4.8% over the previous two months. The opening rate was 0.3 percentage points above its 2015-to-2019 historical average of 4.7%. The business closure rate edged up 0.1 percentage points for a second consecutive month and settled at 5.0% in November 2024. The closure rate was 0.4 percentage points above its historical average.
In November, the number of active businesses dropped by 0.1% (-528 businesses) for a second consecutive month. Whereas business insolvency filings were relatively unchanged during the month (from 468 in October to 465), payroll employment dropped by 0.3% and real gross domestic product (-0.2%) posted its largest decline since December 2023.
With the exception of the retail trade sector (-32 business openings compared with October; 2.4% negative contribution to the increase in the business sector openings), the increase in business openings was widespread across sectors in November 2024. Transportation and warehousing (+328; 24.4% contribution) led the growth in the business sector openings, followed by health care and social assistance (+167; 12.4% contribution) and accommodation and food services (+162; 12.1%).
In November, business closures increased in all sectors except arts, entertainment and recreation (-18 business closures compared with October; 0.8% negative contribution to the increase in business sector closures). The increase in the business sector closures was driven by health care and social assistance (+607; 27.1% contribution). It was followed by accommodation and food services (+342; 15.3% contribution) and other services (except public administration) (+266; 11.9% contribution).
Chart 1
Monthly business openings and closures as a percentage of active businesses, business sector, January 2023 to November 2024, seasonally adjusted data
Chart 2
Percent contribution of sectors to the increase in both openings and closures, October to November 2024, seasonally adjusted data
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Note to readers
With each release, data for the preceding month are revised as additional information becomes available. This may also involve minor revisions to historical data due to seasonal adjustment. Users are encouraged to use the most up-to-date data available for each month.
Seasonal adjustment is applied separately to each sector to account for unique patterns, which can lead to discrepancies between business sector figures and the sum of sector-specific ones.
For more information on the data presented in this release, see the Monthly Business Openings and Closures (5401) survey page.
Contact information
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