Are you ready for some COVID-related stats that won't spin you into anxiety or depression? We are too!
At the Chamber, we've been watching some of the emerging trends related to business -- from local to global. We decided to share some of the more interesting findings in this brief round-up.
New Business Boom
According to the US Census Bureau, over 111,000 applications to start a new business were filed during the week of August 10th. That's a 69% increase over the same week a year ago. And it's no fluke: 113,000+ filed the week before. In fact, third quarter new business tax IDs have surpassed second quarter numbers in just the first eight weeks.
Saving for a Rainy Day
The average savings rate in April jumped to a record 32%, up from an average of 8%. The average savings rate in May was also significantly higher than average at 23% -- and it's remained higher than average since.
Business Growth in Online Sales
Nationwide there has been a 49% increase in online retail sales. Much of this increase has, of course, gone to the big internet players such as Amazon but not all. While some view Amazon as a retail giant, over two million small businesses in the US view Amazon as a sales and delivery channel, along with sites like Etsy, Ebay and others.
Home Sales Climb Nationwide
Realtor.com reports that July real estate prices were up 8.5% over July 2019. And the National Association of Realtors (NAR) shared that July 2020 home sales were up 24.7 percent from the month before. July was "among the strongest (months) the housing market has ever seen." These home price increases are partly due to a shrinking supply of houses on the market (down 32.6 percent nationwide), low interest rates and pent-up demand from potential home buyers putting off house hunting during the uncertain spring season. Speaking of demand, the NAR noted that home ownership, in general, is at a reported 12-year high.