Report: Prov. metro fourth-worst for small-biz growth from 2010-14

SMALL-BUSINESS growth rates for all 106 metropolitan areas with more than 500,000 residents were measured using U.S. Census data by the American City Business Journals. The Providence-Warwick-Fall River metropolitan area ranked fourth worst for losing 625 jobs during the 2010-14 time period. / COURTESY AMERICAN CITY BUSINESS JOURNALS
SMALL-BUSINESS growth rates for all 106 metropolitan areas with more than 500,000 residents were measured using U.S. Census data by the American City Business Journals. The Providence-Warwick-Fall River metropolitan area ranked fourth worst for losing 625 jobs during the 2010-14 time period. / COURTESY AMERICAN CITY BUSINESS JOURNALS

PROVIDENCE – The Providence-Warwick-Fall River metropolitan area ranked among the 10 worst metropolitan areas for small-business growth in the United States, losing 625 small businesses over the four-year period measured by the American City Business Journals.
The analysis, which was based on U.S. Census Data, and released earlier this week, tracked the number of small businesses added and lost between 2010 and 2014 for all 106 metropolitan areas with more than 500,000 residents. The study defines small business as any private enterprise with 1 to 99 employees.
The Providence metro ranked 103rd – or fourth worst – for losing 625 small businesses, a 1.6 percent drop, to 39,685 from 40,310.

Los Angeles led growth among the metro areas with 18,295 small businesses added, followed by the New York area with 18,129 and Miami-Fort Lauderdale-West Palm Beach with 13,030. They were the only three metro areas that added more than 10,000 small businesses over the four-year period.

Boston ranked among the top 20 for growth, coming in 16th for adding 3,290 small businesses, a 2.8 percent increase over the four-year period, to 121,957 from 118,667.
Portland, Maine, had slightly more small businesses over the time span, with 17,026 in 2014 compared with 17,018 in 2010, ranking the area 72nd.
Other metropolitan areas in New England did not fare as well:

  • The Hartford metropolitan area also was among the 10 worst for small business growth, ranking 101st – or sixth worst – for its loss of 499 small businesses, a 1.7 percent drop, to 28,217 from 28,716.
  • The New Haven metropolitan area lost 162 small businesses, going to 18,950 from 19,112, a 0.8 percent drop, ranking it 86th in the nation.
  • The Worcester metro lost 120 businesses, going to 19,176 from 19,296, a 0.6 percent drop, ranking it 82nd.

The analysis said small business counts expanded nationwide from 2010 to 2014 by 2.1 percent to nearly 7.4 million, with 73 of the 106 major metro areas posting gains over the period.

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