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April 17, 2020

CT biz registrations fall below Great Recession lows

Weekly business registrations in Connecticut have fallen sharply during the COVID-19 outbreak, CTData shows.
By Joe Cooper

New business starts in Connecticut have plummeted in recent weeks below lows recorded in the 2008-2010 Great Recession due to the economic downturn caused by the COVID-19 coronavirus, new data shows.

In the first week of April, there were 775 new business registrations in the state, down 58% from 328 registrations in the same period last year, according to the Connecticut Data Collaborative (CTData), a public-private partnership that serves nonprofits, advocates, policymakers and other funders through its data distribution. 

That marks the lowest weekly tally this year, and the largest year-over-year decline in new registrations since falling by 35% in one week in Nov. 2008, said CTData, which is also the state’s official aggregator for 2020 census reporting.

Weekly business registrations, on a year-over-year basis, have been steadily decreasing since the novel coronavirus began to sweep across the state in the first days of March, CTData said. (There are now 15,884 laboratory-confirmed COVID-19 cases statewide, and 971 fatalities as of Thursday evening.)

Registrations fell by almost 8% to 822 in the first week of March. The lowest number of weekly registrations between Jan. 1 and early April last year was 699, CTData shows.

U.S. Census Bureau says the Northeast region has recorded the largest dip in new business starts in the last month or so, as registrations have sunk by 49% vs. 34% nationwide. Meantime, the U.S. startup rate has been declining for decades. 

Connecticut’s business registrations are filed with the Office of Secretary of the State.
 
Other CTData findings can be found on the COVID-19 Case Tracking Dashboard it launched earlier this month. The website tracks economic impact statistics and other demographic data revealing which employment groups and communities are most affected by the global pandemic.

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