Report: Massachusetts small business revenue down 44% amid pandemic
And the number of open small businesses in the commonwealth has dropped by 37%.
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BOSTON (AP) — The number of open small businesses in Massachusetts has dropped by 37% this year amid the coronavirus pandemic, while small business revenue is down 44% since the start of the year, according to Harvard researchers.
“Massachusetts is seeing the same sort of national pattern with the economic crisis hitting smaller businesses particularly hard,” Sebi Devlin-Foltz, of Harvard-based Opportunity Insights, told the Boston Herald on Monday.
People are staying home and spending money on online retailers, Devlin-Foltz said.
The state’s hospitality sector, including restaurants, has been particularly hard hit, according to the nonpartisan, nonprofit Opportunity Insights.
The number of open small businesses in leisure/hospitality has dropped 55%, while revenue has plummeted 64%.
Reduced capacities and limited hours are in large part to blame, said National Federation of Independent Business Massachusetts State Director Christopher Carlozzi.
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