Philadelphia sees rise in new businesses, per Yelp data
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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.