Since March 1, more than 175,000 businesses in the U.S. have shut down, either permanently or temporarily, Yelp found. That includes 48,000 shopping establishments, 30,000 restaurants and 24,000 spas and other beauty businesses.
One of the hardest-hit areas was bars and other nightlife venues, which saw an 81 percent plunge in consumer interest, Yelp found. Salons and other beauty businesses dropped by 77 percent, while hotels and travel businesses decreased by 75 percent.
“In 15 days, the economy transformed as much as it had in our prior 15 years of operation, combined,” Carl Bialik, Yelp’s data science editor, said in a news release. “This quarter has been unlike any other as businesses suddenly closed nationwide, consumer interest plummeted, businesses overhauled their business models, and workers and consumers changed lifelong habits overnight.
Los Angeles saw the highest number of closed businesses, but was closely trailed by New York City and Chicago. In New York, the American epicenter of the coronavirus outbreak, the economic impact of the virus outbreak is akin to eight Hurricane Sandys, according to Yelp. Philadelphia and Miami had the lowest rate of business closures among major metropolitan areas.
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Article URL : https://www.foxbusiness.com/economy/coronavirus-us-business-closures-surge-study