Sep 13, 2023 - Business

Philadelphia sees rise in new businesses, per Yelp data

Data: Yelp; Chart: Axios Visuals

New business listings on Yelp jumped a whopping 28% across the Philadelphia area in July, compared to the same time last year.

Why it matters: That's a good measure of economic sentiment — people generally don't take the risk of spinning up a new venture if they foresee economic peril ahead.

What's happening: 823 new business listings were registered in the Philly metro on Yelp in July.

  • That's up 10.5% compared to June and 58% since January 2019, per Yelp.

Flashback: Last year, new business applications in the Philly metro were down 16% compared to 2021.

Zoom in: Philadelphia's restaurant scene was busy this summer, with several openings, including Eatwell African Restaurant & Lounge and Alice.

Zoom out: Business openings nationwide have surpassed 2019 levels every month this year, Axios Closer's Hope King reports.

  • And new listings of shops and services on Yelp are on track to beat 2022's all-time high, according to a recent company report.
  • Nearly 484,000 new businesses popped up on the platform from January through July this year, compared with about 389,000 over the same time period last year.

Between the lines: There have also been more business openings from underrepresented communities every month compared with the same month last year.

Of note: Yelp business openings refer to new business listings on the platform in a given time frame.

👀 What to watch: The Philly area is poised to add at least 60 new restaurants in the coming months, per the Inquirer.


Get more local stories in your inbox with Axios Philadelphia.


Support local journalism by becoming a member.

Learn more

More Philadelphia stories

No stories could be found


Get a free daily digest of the most important news in your backyard with Axios Philadelphia.


Support local journalism by becoming a member.

Learn more