(AURN News) — New data shows troubling trends for those looking to start a business.
Recent analysis from LendingTree research shows that 22.1% of new private-sector businesses close within the first year — about 600 per day. As time goes on, that number increases, with 48.6% closing after five years. After 10 years, 65.3% will have closed.
The District of Columbia had the highest closing rate, with 32.9% of new businesses closing within a year. Tennessee followed with 29.3%.
The states with the lowest rate of failure in the first year included Washington, South Carolina and Louisiana.
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