Pandemic - A year later - The state of Florida’s small businesses
Bottom Line: Facebook recently released an updated Global State of Small Business report. The update reflects that state of small businesses around the world one year into the pandemic and as you’d imagine – the news isn’t great generally. However, the news does get better the closer to home you look. According to the world-wide study of small businesses here’s how many small businesses have been lost (are no longer operating) a year into the pandemic:
- 26% worldwide
- 22% United States
- 16% Florida
Obviously, it’s great to see Florida’s businesses faring 33% better than businesses globally and 27% better than American businesses. It’s even more impressive when you consider the consensus economic expectations were for Florida’s economy to be one of the three hardest hit in the country. Instead, ours is one of the best – a true testament to the pragmatic policies of Governor DeSantis. This stands in contrast to what were the three hardest hit states for small businesses. They are Massachusetts – 30% of small businesses lost. Pennsylvania – 31% of small businesses lost and the worst of all...New York – which lost just over 31% of all small businesses. Florida’s small businesses have literally performed twice as well as New York’s. Once again this reflects the policy decisions of the state and local officials in New York. What’s more is that those states all performed considerably worse than the rest of the world on average - further illustrating the impact of pandemic policy on businesses which are the most economically sensitive. While it’s unfortunate to have lost 16% of our small businesses, the relative this is yet one more reason to feel good about Florida.
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