CORAL SPRINGS, FL – Despite months of pandemic-related economic pains, more than 100 businesses are in the midst of opening in Coral Springs, according to city data.
Restaurants, law offices, accounting firms, insurance agencies, massage therapists, hair and nail salons, and other businesses – a total of 103 companies – applied to open across Coral Springs between June and September, the data shows.
(Some of these businesses are “transfers:” sold to a new owner or relocated to a new address in the city.)
So far in 2020 (as of Sept. 1), 546 new businesses have opened or are in the process of opening in Coral Springs, the data shows.
In 2019, 743 new businesses opened in the city.
“I think that it is a positive that we have seen new businesses open despite the pandemic,” said Kristi Bartlett, the city’s economic development director, who reviewed the data. “Some of these openings were already in the works and the fact that they are still opening indicates optimism towards the local economy.”
Still, many businesses are struggling in the Covid-19 economy.
A recent survey of business listings by Yelp found that nearly 60 percent of businesses that closed nationwide during the pandemic shutdown are not going to reopen. The vast majority of those businesses are restaurants.
But the economy also is creating new opportunities, at least in Coral Springs, where a steady flow of new businesses are opening, Bartlett said.
“This could be due to individuals being laid off and deciding to become entrepreneurs and open businesses,” she said.
The unemployment rate in Coral Springs dropped to 8 percent in August – down from 11.8 percent in July month – as more businesses reopened from the coronavirus shutdown and workers returned to their jobs, data released last week shows.
In the coming months, Bartlett expects business activity to pick up further, potentially spurring more businesses to open up.
“It appears that hiring is ramping up to handle the upcoming holiday season, and there is certainly pent-up demand, so we could see growth toward the end of the calendar year 2020,” she said.
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