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January 8, 2021

CT business starts set record pace in late 2020

Steven P. Lanza

Connecticut residents are starting new businesses at a record pace despite the pandemic’s economic impact, according to state economists. 

A total of 3,200 new business starts were recorded in November, according to data on the CTData platform and supplied by the Secretary of the State’s office. Subtracting the 1,155 business stops recorded, the state still showed a net of 2,045 starts for the month, continuing an upward trend for 2020. 

Net business start numbers for recent months show a steep increase and are on pace to match historic highs of the mid-2000s, said Steven P. Lanza of the UConn Department of Economics, writing in the state’s economic digest publication. Total starts have shown a steady increase since 1980 and November’s total marks a new high. 

“The historic surge in new businesses, no doubt born of the disruption arising from widespread job layoffs, nonetheless illustrates the ability of Nutmeggers to adapt to changing circumstances and to take their futures into their own hands,” Lanza said. “Connecticut is a cradle of Yankee ingenuity, and has had a long history of innovation and of finding practical solutions to vexing problems.”

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