Business Closures Decrease

The May estimates of business openings and closings show that, with the initial easing of COVID-19 restrictions, there was a decrease in business closures and an increase in business openings from April to May, says Statistics Canada. In May, 62,560 business closures were observed in the Canadian business sector, 28.9 per cent less than observed in April but still 59.1 higher than the pre-COVID-19 level observed in February. By comparison, openings increased by six per cent. Every province and territory recorded fewer business closures in May 2020 than in April. In particular, business closures fell month over month in Ontario (-34.4 per cent), Quebec (-21.3 per cent), and Nova Scotia (-30.2 per cent) ??? the provinces that had recorded the sharpest increases in business closures from April 2019 to April 2020. However, the number of business closures in every province remained higher than in February, prior to COVID-19.