Report Shows New Business Openings Are Up From Early 2020

July 11th, 2021 at 03:23 pm

As New Mexico businesses have been given the green light by the office of Gov. Michelle Lujan Grisham to reopen to their maximum capacities and that all color-coded restrictions had been lifted, many are finding that they have some increased competition this year as new business owners look to capitalize on lower rent and available retail space.

On a national level, there were approximately 516,754 new business openings between April 1, 2020, and March 31, 2021. Of those, 146,486, or about 28 percent, were from the first three months of 2021, according to an Economic Average Report published by Yelp. According to the report, categories that saw the most growth include restaurant and food services, which were up 5 percent from Q1 of 2020. Auto services were up 10 percent in that same timeframe as were local services up about 16 percent. Areas with the largest new business openings tend to be the more…

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