“Findings reveal significant population migration from Western and Northeastern states to Southern and Midwestern areas. Yelp data also uncovers a positive economic impact for local businesses in states that had an increase in share of search locations. These states saw a higher average increase in new business openings across nearly all categories in 2022 compared to 2019 – driven by local and home services business openings, indicating potentially permanent moves,” reads Yelp’s most recent report about shifts in population and business growth.
 |
|
Here are the facts from Yelp about new business growth:
• The largest increase of new businesses in states that people are moving to were in the home services industry (57%). • Local services businesses increased 47% from 2019 to 2022. • New automotive services and hotels & travel businesses increased 29%. • The beauty services and event services industries had a respective 24% and 20% increase in new business in the fastest-growing states. • In South Dakota, North Dakota, West Virginia, Wyoming, and Mississippi, the largest increase in new businesses was in local services (78%), home services (76%), and beauty services (52%) compared to 2019. • Compared to 2019, there were fewer business openings in the shopping, bars and nightlife, active life, and restaurant industries. • In the states people are moving away from, the biggest increases in business openings were in the home services (31%), automotive services (24%), and local services (19%) industries.
Source: |
