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You Say Goodbye, I Say Hello
In Connecticut, new businesses outpaced out-of-businesses in 2000
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Business New Haven
12/10/2001
By: M.C.B.
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Business services is the fastest-growing industry in Connecticut, according to numbers recently compiled by the state's Department of Labor and Department of Economic & Community Development.
In the year 2000, according to The Connecticut Economy, a monthly publication published jointly by the two agencies, 9,937 new businesses were registered with the Secretary of the State's office. Of these, 4,689 - or 47.4 percent - were in the service industry.
Within the services industry, business services had the highest total of starts, with 1,495. Within business services, computer-programming services recorded the most starts, with 307 new companies, followed by information retrieval services, with 243.
Retail trade ranked second among industry divisions, with 1,282 new business starts. Within the retail trade, eating and drinking establishments topped the list with 488 starts. Miscellaneous retail was second with 324 new units, followed by food stores, with 152.
While nearly 10,000 businesses opened their doors in 2000, 7,491 went out of business in the state. Similar to starts, business services led the services division with 803 terminations.
Within business services “computer-related services not elsewhere classified” led the way with 150 reported terminations, followed by information-retrieval services, with 68 closings.
The good news is that business starts outgained business terminations for the year by 2,446. Among industry divisions, manufacturing, retail trade and government recorded significant losses.
However, the manufacturing industry, while on a continuing decline in Connecticut, reflects significantly lower turnover than other industries, due in part to its higher level of real-estate ownership, plant and equipment investment. The construction industry, populated by smaller firms, demonstrated greater turnover, with starts representing 9.3 percent of all establishments and terminations representing 7.6 percent.
The technology boom in Connecticut peaked in 2000, reflected by the starts to total ratio for the year of 17.6 percent in the business-services industry, while terminations represented 9.4 percent of total establishments.
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