Half of Utah's new businesses failed within five years
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Half of new Utah businesses make it to their fifth year, per the latest federal data.
Zoom in: Exactly 50% of Utah startups that opened in the 12 months ending in March 2019 were still operating five years later, per U.S. Bureau of Labor Statistics data.
- That's slightly lower than the national average of 51.6%.
The intrigue: By other metrics like GDP growth and employment, Utah typically enjoys a standout economy.
Between the lines: The states with the highest and lowest 5-year business survival rates don't have a lot in common, varying by region and politics.
- West Virginia (57.6%), Connecticut (57.5%), and Alaska and Pennsylvania (both 56%) have the highest five-year business survival rates among U.S. states.
- Washington (41.1%), Missouri (43.2%) and Washington, D.C. (44.7%) have the lowest.
What we're watching: The government shutdown is making survival more difficult for companies that rely on federal contracts or aid, Axios' Madison Mills reports.
Go deeper: Where Americans are starting new businesses