Excluding the very beginning of the pandemic, this is the first time on record the number of active businesses failed to grow for four consecutive months. StatCan_eng | Canada economy business realestate
, which highlights some of the greatest obstacles businesses were expected to face over the fourth quarter of the year. These included rising inflation , rising cost of inputs , and recruitment and retention of skilled employees . Of course, inflation doesn’t impact all businesses equally. According to StatCan, Canadian businesses in retail trade and accommodation and food services are more likely to see inflation as a potential issue.
According to StatCan, October’s drop in the business opening rate was largely driven by the decline in the re-opening rate , compared to the entry rate, which held relatively steady. At the same time, the business opening rate remained below its 2015-to-2019 historical average of 4.7% for the second consecutive month in October — a drop that was led by professional, scientific and technical services , followed by construction , transportation and warehousing , and retail trade .
In most industries, the exit rate was within 0.2% of its respective historical average. The industries where the exit rate was furthest from and higher than its historical average were transportation and warehousing , real estate and rental and leasing , professional, scientific and technical services , and arts, entertainment and recreation .
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