Number of New Businesses Hits 12-Month Peak!
Cleanlist reports that 45,820 new businesses opened in March 2024 in Canada. This number is the highest it’s been in over a year. It is memorable compared to 29,040 new businesses opening in February 2024, resulting in a 57.8% increase in new businesses from month to month. Additionally, when we compare the number of new businesses that opened in March 2023 (12,189) vs March 2024, we noticed a monumental 275.9% increase in new businesses since this time last year.
Of course, you can’t have the rainbow without a little rain.
With a record-breaking number of new businesses opening this month, we also reported a record-breaking number of closed businesses.
In March 2023, we reported 5064 businesses closing. In March 2024, we had 105,563 businesses close in Canada—a 1984.6% increase. Not to mention a 3686.3% increase month-over-month.
So what happened? The Ottawa Business Journal suggests business insolvencies will remain high in 2024 as the economy settles down from the pandemic. It was reported that the government kept business insolvency levels low for longer than expected and now people are unable to pay back their COVID loans. Commonly, these elevated numbers are normal as the economy ebbs and flows, and we are expecting the numbers to start to taper again near the end of 2024.
Why New Business Start-ups Matter to You
New businesses are big spenders in several B2B categories including office supplies, technology (computers, software, etc.), credit cards and financial services, furniture and fixtures, marketing and advertising, office space, insurance (business insurance, liability insurance), legal, accounting, and other professional services, employment recruiting and advertising, employee benefit programs, travel and transportation, raw materials and inventory, equipment, training and staff development, website development services, internet and telecommunication services, office maintenance and cleaning.
Companies that supply these products and services have an opportunity to quickly establish relationships with new start-ups and become their go-to supplier as they expand and grow. Savvy marketers know this and are quick to engage with these businesses.
How to Get Started
Cleanlist compiles and organizes new business formation data daily for every province in Canada. The data includes business name and address, the industry code (both NAICS and SIC), website URL, telephone number, email address, number of employees and annual revenue. Clients can subscribe to the data and receive a feed of new business startups every month. The data feed can cover all businesses in Canada or be filtered to meet specific target market criteria. Cleanlist would be happy to provide you with estimated new business counts and a data licensing proposal.
About the Data
The data presented in this report was summarized from ResponseCanada™ Business, Canada’s largest and most up-to-date commercial database. Cleanlist licenses the database to clients who require company-specific data for marketing and research purposes.
Cleanlist is Canada’s largest customer data company. We clean, enrich, and validate business and consumer data. We’re also experts in data-driven document composition and Canada’s largest digital and offline marketing data provider. To learn more, visit us at Cleanlist.ca.
