New businesses in Portland area on upward trend
The number of businesses newly listed on Yelp across the Portland metro area continues a jagged climb out of the pandemic-driven shutdowns, with 437 openings in July, according to the company.
Why it matters: New business openings are a good measure of economic sentiment — people generally don't risk embarking on a new venture if they foresee economic peril ahead.
By the numbers: Yelp's July figures show a 20% increase in new business openings compared to this June — and a 22% increase from July 2022.
- Compared to a year before the pandemic, new business listings on Yelp were 11% higher in July than in Jan. 2019.
Be smart: The City of Portland's monthly list of new businesses shows twice as many openings in July than Yelp.
- Portland's list includes sales of existing businesses to new owners, and businesses that may have been previously operating but hadn't registered with the city, county or state.
- Yelp business openings refer to new business listings on the platform. Business owners or Yelp users can add listings, and data may lag.
Meanwhile, there have been more business openings nationally among underrepresented communities every month compared to last year.
More Portland stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Portland.