Brian Wesbury, chief economist at FirstTrust Advisors, told Varney & Co. ‘Money printing’ and ‘borrowing’ brought the country to the brink of collapse.
Despite an onslaught of macroeconomic challenges, US business openings will reach an all-time high in 2022, according to a new Yale report.
More than 637,000 new businesses opened across the country in 2022, up 12 percent from pre-pandemic 2019, according to the publisher of Crowdsourcing Reviews. Yale has been tracking how Covid-19 has transformed local economies and transformed communities across the country.
The latest report shows that in 86 percent of states, new business growth has grown significantly from pre-pandemic levels, especially in the South last year.
This latest data from Yelp highlights how local businesses are coping with “labor shortages, high inflation, supply chain challenges.”
Inflation dropped to 6.5% in December, but prices continue to rise
High growth businesses
A man walks past a “Now Open” sign in the window of a coffee shop in Chelsea, New York City, on January 19, 2022. (Alexi Rosenfeld/Getty Images/Getty Images)
Growth was mainly driven by new home and environmental services businesses, which increased by 40% and 30%, respectively, compared to the pre-pandemic period.
Hotel and travel businesses showed a growth of 28 percent, while car services grew by 25 percent and beauty services by 17 percent compared to 2019, the data indicated.
“Compared to pre-pandemic levels, the hotels and travel category showed significant percentage changes in seven of the eight top metros, indicating that travel demand has helped local economies recover,” the report said.
Meanwhile, new restaurant, shopping and nightlife businesses have fallen behind pre-pandemic levels.
Still, new hotel and travel, nightlife and beauty businesses have driven growth in major metros compared to 2021, Yale said.
Markets may be underestimating the risk of higher inflation, BlackRock warns.
The five most open regions compared to 2021
Image of a happy business owner smiling and hanging an open sign on a cafe door – food and beverage concepts
California, Texas, Florida, New York and Georgia had more openings in 2022 compared to the previous year.
Major metros like Los Angeles, Miami and New York City have driven the “highest new openings by 2022.”
Compared to 2021, Los Angeles and New York saw an increase in business openings for every category analyzed by Yelp.
According to research, red states beat blue states as the best for business startups
The most developed states compared to the pre-epidemic period
Jackson, Miss. Cityscape at dusk.
Mississippi had the highest percentage growth in new businesses at 62 percent compared to 2019.
Alabama wasn’t far behind with a 54 percent increase. South Carolina, Louisiana, and Georgia saw significant new business growth compared to 2019.
States such as New Hampshire, Oregon, California, Colorado and New York did not exceed 2019 levels, the report said.
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Dick Bove, chief financial strategist at Odeon Capital Group, said Friday’s earnings reports ‘look very good.’
