The Canadian economy just got another warning—businesses are closing at one of the fastest rates on record. Statistics Canada (StatCan) data shows business closures surged in January. The sharp uptick in closures has left the country with the fewest businesses in over two years.
Canada Saw 1 In 20 Businesses Close Their Doors In January
Canadian business closures.
Source: StatCan; Better Dwelling.
The data reveals 46.9k businesses shuttered in January, up 4.5% (+2k) from last year. This marks the third-most closures since the start of the pandemic. The closure rate climbed to 5.0%, meaning 1 in 20 businesses shuttered in the month.
The agency notes closures were broad-based, but one industry took a severe hit—Transportation & Warehousing. The segment represented nearly a third (32.1%) of all closures, an odd data point considering…
