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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

October 28, 2024
BUSINESS OPENING AND CLOSING, JULY 2024

Monthly (July 2024 vs June 2024, seasonally adjusted)

The number of active businesses in Nova Scotia did not change from June 2024 to July 2024, remaining at 20,952 active businesses.

Nationally, active businesses were up by 0.01%. Six provinces reported lower numbers of active businesses in July 2024 compared with June 2024. The largest decline was reported in Newfoundland and Labrador while Alberta, British Columbia and Prince Edward Island had the only increases.

A business will be classified as 'opening' if it had no employment in the previous month and then has employment in the next month. A business is 'closing' if it had employment in the previous month and no employment in the current month. For opening and closing, the reason could be a permanent change (i.e. business exit) or temporary for reasons such as seasonal operations, capital maintenance or restructuring. Continuing business are those that had employment in both the current and previous month. Active businesses are the sum of continuing and opening business in the current month.

The rate at which business either opened, continued or closed can be examined to see how the number of active businesses has changed. The calculation for the opening, continuing and closure rates are based on the number of active businesses in the previous month. 

Most businesses continue operating each month. In July 2024, Nova Scotia's business continuing rate was 95.9%, above the national average (95.6%). Québec reported the highest business continuing rate (96.6%) while Prince Edward Island (95.0%) reported the lowest.

Nova Scotia's business opening rate was 4.2% in July 2024, below the national average at 4.5%. Prince Edward Island and Alberta had the highest business opening rates (5.1%) while Québec had the lowest (3.4%).

Nova Scotia's business closing rate was 4.3% in July 2024, below the national average of 4.5%. Prince Edward Island and Alberta reported the highest business closing rates (5.0%) while Québec had the lowest business closing rate (3.5%).

Year-over-year (July 2024 vs July 2023)

Compared with July 2023, the number of active businesses was up 1.39% for Nova Scotia. Nationally, active businesses were up 0.24% compared to July 2023. Alberta (1.55%) and Nova Scotia reported the highest increases in active businesses since July 2023. Quebec and Newfoundland and Labrador reported the largest year-over-year decline in active businesses. 

The number of active businesses in the Halifax and East Hants Census Metropolitan Area was up 2.2% from July 2023 to July 2024.   

Out of 35 CMAs, 25 reported increases in active businesses over the past 12 months. Calgary reported the largest rises in the number of active businesses while Guelph reported the largest decline.

Compared with July 2023, 7 sectors saw an increase in active businesses in Nova Scotia in June 2024 with the steepest decline in mining (a small number of businesses to begin with). The number of active businesses was up most in construction followed by information/culture and admin/support. 

Nationally, the number of active businesses was down for 11 of the 16 business sector industries, with the largest declines in transportation and wholesale. The largest gain was in arts/entertainment/recreation.

Statistics Canada has broken out specific data for tourism-related industries. Compared with July 2023, the number of active tourism-related businesses rose 2.1% in Nova Scotia as of July 2024, with gains in all sectors.  Travel services reported the fastest year-over-year growth in active tourism businesses in Nova Scotia.

Nationally the number of tourism-related businesses increased 0.9% from July 2023 to July 2024. There was growth in all sectors except accommodation, with transportation and travel services reporting the largest gains. 

Trends

There has been a downward trend in forestry/fishing active businesses, while the decline in mining/quarrying has started again in recent months. Utilities have also been stable over the past year.

From 2020-2023, the number of active businesses in construction grew at a steady pace before slowing in 2024. Manufacturing businesses have remained stable for the past 2 years.

There has been decreases in active businesses for personal/repair and accommodation/food services in recent months while the number of active arts/recreation businesses has grown.

Retail and wholesale businesses have declined in recent months.

Real estate/leasing active businesses declined in recent months, while administrative/support/call centre businesses have grown. The number of active businesses in transportation has remained at similar levels since 2021.

Growth in professional/technical services active businesses has slowed in recent months after steady gains in the last two years. The decline in Finance/insurance/management businesses has slowed down in recent months while the number of active businesses in information/culture has been stable recent months.  

The source data is seasonally adjusted. The data may not aggregate due to firms being classified into multiple industry or geography.

Source: Statistics Canada. Table 33-10-0270-01 Experimental estimates for business openings and closures for Canada, provinces and territories, census metropolitan areasMethodology: Business Opening and Closing



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