Small businesses play a pivotal role in the global economy as engines of innovation and job creation. Despite their critical importance, the insights needed to fully understand the health and challenges of small businesses have been in short supply. Until now.
This year marks the inaugural release of the Intuit QuickBooks Small Business Index Annual Report. The report provides a rigorous and comprehensive analysis of the small business landscape in the US, Canada, and the UK, examining why small business employment has declined in 2023 when overall employment levels have been increasing. The answer uncovers small business sensitivity to the effects of inflation and rising interest rates — limiting funding access and growth. The report analysis also delves into the impact of digitization and how small businesses are using digital tools such as software, apps, and e-commerce to manage their business.
Findings draw from a detailed new analysis of official statistics, employment trends from the Intuit QuickBooks Small Business Index, and surveys of more than 5,000 small businesses. The report also builds on new analysis of anonymized expenditure and savings data provided by more than 3 million Intuit QuickBooks customers.
The report was produced in collaboration between Intuit QuickBooks and an international team of economists led by Professor Ufuk Akcigit, the Arnold C. Harberger Professor of Economics at the University of Chicago.
Providing a unique and timely analysis of the current state of small businesses, the report highlights why the future health of the economy depends on small business success today.
Read below for the most important findings from the report and download the full PDF.
Key findings
Small businesses play a critical role in the US, Canadian, and UK economies
- More than 98% of employers in the US, Canada, and the UK are small businesses.
- Small businesses provide 36% of US jobs, 47% of Canada’s jobs, and 44% of UK jobs.
Inflation and interest rates are creating unique challenges for small businesses
- The Intuit QuickBooks Small Business Index shows negative small business employment growth in the US, Canada, and the UK during the first half of 2023 following interest rate increases.
- Compared to pre-pandemic levels, average monthly credit card expenditure is up by an average of 20% — creating potential vulnerabilities.
- At the same time, monthly credit card payments made by small businesses are 26% higher, on average, than before the pandemic.
“Anything that we purchase increased, whether it’s packaging, fertilizer, gas, any software, expenses, trash pickup, everything’s increased. I tried to pass that on to the customer a little bit. But I know that we did not pass all of that on, which is unfortunate.”
– Ashley Rodgers, Business owner, Rodgers Greens and Roots
Funding is a persistent challenge for small businesses
- Roughly half of small business owners surveyed in the US, Canada, and the UK have self-funded their business (58% in the US, 51% in Canada, 48% in the UK) — often by working other jobs.
- Young businesses and businesses owned by women and underrepresented racial groups often face greater challenges getting funding. For example, small businesses owned by underrepresented racial groups in the US are twice as likely to say getting funding is currently their number-one challenge.
- Small businesses that applied for credit from banks that were well-financed before recent interest rate rises received more funding than those working with less well-financed banks.
Small businesses making more use of digital tools are more likely to be growing
- Detailed analysis of surveys commissioned by Intuit QuickBooks in the US, Canada, and the UK, reveals a correlation between higher use of digital tools and better business performance.
- For example, US small businesses using 8 or more digital tools to manage different areas of their business are almost twice as likely to report revenue growth and almost three times more likely to have expanded their workforce over the 12 months prior to April 2023 than small businesses using just up to 2 digital tools.
- This analysis is based on the full spectrum of digital tools used by small businesses including social media, e-commerce, accounting software, HR and payroll software, email marketing, payments, and sales platforms.
Big data, actionable insights
Powering prosperity for small businesses starts with data—and ends with action.
This year’s Annual Report provides an in-depth look at why the health and success of small businesses is critical to a thriving economy. Their success depends not only on the actions of business owners, but a larger community of drivers and advisors. From the policymakers pushing for better government support to the accountants playing an advisory role, small business stakeholders are crucial partners.
Alongside the report, we’ve published recommendations on how businesses, policymakers, and accountants can take action for small business resilience based on the data.
This article originally appeared on the Quickbooks Resource Center and was syndicated by MediaFeed.org.
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Foreclosure rates are making real estate a house of cards in these states
While foreclosures may have dropped overall compared to October, several major cities have maintained their high foreclosure rates. Foreclosure filings in metropolises like Cleveland, OH and Chicago, IL have skyrocketed since 2021, and a decline is not likely in the foreseeable future.
But it’s not just urban areas that are experiencing this nationwide trend. According to the experts at ATTOM Data Solutions, the number of U.S. housing units coast-to-coast that have gone into foreclosure has increased by a startling 57% since this time last year. While there was a slight dip in filings between October and November, slipping to 30,677 from 32,376 foreclosed homes, this only amounts to a 5% decline.
While mortgage rates seem to have peaked in October, the prices remain uncomfortably high, especially when compared to pre-pandemic numbers. Standard rates for both 10-year and 30-year fixed mortgages have varied this past year, however for the most part the rate is steadily rising. Currently at roughly 6.3%, the average interest rate for a traditional 30-year fixed mortgage has increased more than twofold from last year’s 3%. The primary driver behind this trend is the Federal Reserve’s decision to raise its own interest rate to combat inflation.
The housing industry has been flipped on its head by high mortgage rates, which have caused a dramatic cooling of a once-hot market. Even though home prices are declining in certain regions, this may not be enough to offset the extra costs that homeowners must pay due to rising mortgage rates.
Read on for the foreclosure rates in November 2022 – plus the five counties or county equivalents with the highest rates within those states.
Related: The safest cities in the US
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As previously noted, foreclosure rates decreased slightly compared to last month, but are up significantly compared to last year. Read on for November foreclosure rates for all 50 states — plus the District of Columbia — beginning with the state that had the lowest rate of foreclosure filings per housing unit.
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Ranking in population between Vermont and Alaska, the country’s second-and-third-least populous states, Washington, D.C. had 43 foreclosures in November, a substantial dip compared to October’s 68. With a total of 350,364 housing units, the foreclosure rate of the Nation’s Capital was one in every 8,148 households, putting it in between the states of Alaska (#36) and Missouri (#37).
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Unsurprisingly, the Mount Rushmore State nabbed the 50th spot for its November foreclosure rate for the third month in a row. Having 389,921 total housing units, the fifth-least populous state had a foreclosure rate of one in every 97,480 households with four foreclosures. Only one county in South Dakota saw any foreclosures: Minnehaha.
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In 49th place for population, the Green Mountain State maintained its 49th rank for foreclosure rate as well. Of the state’s 334,318 housing units, 17 homes went into foreclosure at a rate of one in every 19,666 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Bennington, Rutland, Washington, Windham, and Caledonia.
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The Peace Garden State’s foreclosure rate was one in every 15,443 homes. This puts the fourth-least populous state – with 370,642 housing units and 24 foreclosures — in 48th place, a slight improvement from last month’s 41st spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Traill, Walsh, Morton, Ward, and Grand Forks.
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Ranked 38th in population, the Gem State earned the 47th spot as 56 of its homes went into foreclosure in November. With 751,859 total housing units, the state’s foreclosure rate was one in every 13,426 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lewis, Lincoln, Payette, Twin Falls, and Clearwater.
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Sorted as 13th in population, the Evergreen State ranked 46th for highest foreclosure rate. It has 3,202,241 housing units, of which 248 went into foreclosure, making the state’s foreclosure rate one in every 12,912 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lewis, Grays Harbor, Adams, Kitsap, and Cowlitz.
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With a total of 1,994,323 housing units, the Bluegrass State saw 168 homes go into foreclosure, sustaining its 45th ranking from September and October. This puts the foreclosure rate for the 26th most populous state at one in every 11,871 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Fulton, Boyd, Greenup, Carlisle, and Bath.
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New Hampshire, the 41st most populous state, ranked 44th for highest foreclosure rate. The granite state saw 62 of its 638,795 homes go into foreclosure, making for a foreclosure rate of one in every 10,303 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Belknap, Cheshire, Hillsborough, Rockingham, and Sullivan.
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Ranked 39th in population, the Mountain State earned the 43rd spot this month. It has 855,635 housing units, of which 84 went into foreclosure. This means that the foreclosure rate was one in every 10,186 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hancock, Pleasants, Wood, Fayette, and Kanawha.
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The Sunflower State ranked 42nd in November, a rise compared to last month’s 47th spot. With 1,275,689 homes and a total of 127 housing units going into foreclosure, the 35th most populous state’s foreclosure rate was one in every 10,045 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Haskell, Kingman, Woodson, Norton, and Rooks.
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With 285 foreclosures out of 2,727,726 total housing units, America’s Dairyland and the 20th most populous state had a foreclosure rate of one in every 9,571 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Iron, Marquette, Kenosha, Richland, and Langlade.
Recommended: Tips on Buying a Foreclosed Home
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Listed as 44th in population, the Treasure State took the 40th spot. With 57 foreclosures out of 514,803 housing units, its foreclosure rate was one in every 9,032 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Fallon, Chouteau, Rosebud, Dawson, and Big Horn.
YinYang
Ranked 34th in population, the Magnolia State experienced 156 foreclosures out of 1,319,945 housing units. This puts the foreclosure rate at one in every 8,461 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Itawamba, Humphreys, Simpson, Copiah, and Hancock.
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The eighth-least populous state took the 38th spot for highest foreclosure rate. A total of 58 homes went into foreclosure out of 483,474 total housing units, making the foreclosure rate for the Ocean State one in every 8,336 households. With only five counties in the state, the most foreclosures per housing unit were (from highest to lowest): Bristol, Providence, Newport, Kent, and Washington.
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Listed as 19th in population, the Show-Me State came in 37th for highest rate of foreclosures. Of its 2,786,621 homes, 336 went into foreclosure, making for a foreclosure rate of one in every 8,294 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Webster, Mississippi, Barton, Gentry, and Laclede.
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The Last Frontier saw 42 foreclosures, making the foreclosure rate one in every 7,560 homes. This caused the third-least populous state, with a total of 317,524 housing units, to secure the 36th spot. Only four boroughs saw foreclosures. The boroughs with the most foreclosures per housing unit were (from highest to lowest): Matanuska-Susitna, Anchorage, Fairbanks North Star, and Kenai Peninsula.
Chilkoot
Ranked 16th in population, the Volunteer State endured 409 foreclosures out of its 3,031,605 housing units. This puts the foreclosure rate at one in every 7,412 homes and in the 35th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Hardin, Humphreys, Obion, Rhea, and Hickman.
Swarmcatcher
The 27th most populous state ranked 34th for highest foreclosure rate. Of the Pacific Wonderland’s 1,813,747 homes, 255 went into foreclosure, making for a foreclosure rate of one in every 7,113 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Lake, Crook, Josephine, Klamath, and Linn.
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The 21st most populous state ranked 33rd for highest foreclosure rate. Of the Centennial State’s 2,491,404 housing units, 380 went into foreclosure, making for a foreclosure rate of one in every 6,556 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Mesa, Teller, Archuleta, Morgan, and Pueblo.
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Ranked 22nd for most populous state, the Land of 10,000 Lakes took the 32nd spot for highest foreclosure rate. It has 2,485,558 housing units, of which 386 went into foreclosure, making the state’s foreclosure rate one in every 6,439 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Faribault, Mower, Waseca, St. Louis, and Wilkin.
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Sorted as 37th in population, the Cornhusker State ranked 31st with a foreclosure rate of one in every 6,396 homes. With a total 844,278 housing units, the state had 132 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Webster, Hitchcock, Kearney, Frontier, and Nemaha.
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The 12th most populous state ranked 30th for highest foreclosure rate, with 575 homes going into foreclosure. Having 3,618,247 total housing units, the Old Dominion saw a foreclosure rate of one in every 6,293 households. The county and independent cities with the most foreclosures per housing unit were (from highest to lowest): Colonial Heights City, Martinsville City, Buena Vista City, Portsmouth City, and Giles.
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Sorted as 14th in population, the Grand Canyon State withstood 493 foreclosures out of its 3,082,000 housing units. This puts the foreclosure rate at one in every 6,252 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Santa Cruz, Cochise, La Paz, Pinal, and Graham.
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Ranked 42nd in population, the Pine Tree State placed 28th for highest foreclosure rate. With a total of 739,072 housing units, it saw 123 foreclosures for a foreclosure rate of one in every 6,009 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Waldo, Oxford, Penobscot, Knox, and Franklin.
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The Beehive State placed 27th for highest foreclosure rate. Of its 1,151,414 housing units, 192 homes went into foreclosure, making the 30th most populous state’s foreclosure rate one in every 5,997 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Carbon, Millard, Box Elder, Beaver, and Tooele.
AndreyKrav
The 15th most populous state ranked 26th for highest foreclosure rate. Of 2,998,537 housing units, 506 went into foreclosure, making for a foreclosure rate of one in every 5,926 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Worcester, Hampden, Bristol, Franklin, and Hampshire.
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The Paradise of the Pacific, and the 40th most populous state, came in 25th for highest foreclosure rate. Of its 561,066 homes, 98 went into foreclosure, making for a foreclosure rate of one in every 5,725 households. Only four of the five counties in the state had foreclosures. They were (from highest to lowest): Hawaii, Honolulu, Kauai, and Maui.
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The ninth-most populous state claimed 24th place for highest foreclosure rate, an upturn from last month’s 7th spot. Out of 4,708,710 homes, 852 went into foreclosure. This puts the Tar Heel State’s foreclosure rate at one in every 5,527 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Northampton, Nash, Pasquotank, Cherokee, and Tyrrell.
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The Keystone State has the 23rd highest foreclosure rate. The fifth-most populous state saw a total of 1,060 housing units out of 5,742,828 homes go into foreclosure, making the state’s foreclosure rate one in every 5,418 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Delaware, Philadelphia, Berks, Bucks, and Lancaster.
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Sorted as 25th in population, the Pelican State took the 22nd spot, an unfavorable contrast to last month’s 32nd ranking. This means that the state had a foreclosure rate of one in every 5,170 households, with 401 homes out of a total of 2,073,200 housing units going into foreclosure. The parishes with the most foreclosures per housing unit were (from highest to lowest): West Baton Rouge, Tangipahoa, Plaquemines, DeSoto, and Livingston.
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Listed as the 33rd most populous state, the Land of Opportunity took 21st place for highest foreclosure rate in November, an improvement over last month’s 15th ranking. The state has 1,365,265 housing units, of which 271 went into foreclosure, making the state’s latest foreclosure rate one in every 5,038 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lincoln, Poinsett, Jackson, Franklin, and Mississippi.
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The Lone Star State saw 2,303 foreclosures this month. With a foreclosure rate of one in every 5,032 households, this puts the second-most populous state in the U.S., with a whopping 11,589,324 housing units, into the 20th spot yet again. The counties with the most foreclosures per housing unit were (from highest to lowest): Cochran, Ector, Liberty, Kinney, and Shackelford.
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The 36th most populous state claimed the 19th spot for highest foreclosure rate. Of the Land of Enchantment’s 940,859 homes, 187 went into foreclosure, making for a foreclosure rate of one in every 5,031 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Valencia, Chaves, Eddy, Bernalillo, and Sandoval.
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With 317 of its 1,530,197 homes going into foreclosure, the Constitution State once again had the 18th highest foreclosure rate at one in every 4,827 households. In the 29th most populous state, the counties that had the most foreclosures per housing unit were (from highest to lowest): Windham, Litchfield, Hartford, Tolland, and Fairfield.
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Ranked 10th in population, the Wolverine State secured the 17th spot with a foreclosure rate of one in every 4,259 homes. With a total of 4,570,173 housing units, the state had 1,073 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Shiawassee, Wexford, St. Joseph, Lenawee, and Monroe.
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The country’s most populous state ranked 16th for highest foreclosure rate. Of its impressive 14,392,140 housing units, 3,483 went into foreclosure, making the Golden State’s foreclosure rate one in every 4,132 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Siskiyou, Trinity, Lake, Yuba, and Kern.
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The Hawkeye State had the 15th highest foreclosure rate. With 346 housing units out of 1,412,789 homes going into foreclosure, the 31st most populous state’s foreclosure rate was one in every 4,083 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Des Moines, Emmet, Henry, Fremont, and Union.
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Listed as 24th in population, the Yellowhammer State came in 14th for highest foreclosure rate. Of its 2,288,330 homes, 567 went into foreclosure, making for a foreclosure rate of one in every 4,036 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Coosa, Jefferson, Covington, Walker, and Calhoun.
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The third-most populous state in the country has a total of 9,865,350 housing units, of which 2,513 went into foreclosure. The Sunshine State’s foreclosure rate is one in every 3,926 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Bradford, Union, Clay, Escambia, and Palm Beach.
Elisa.rolle
The Sooners State claimed the 12th spot, a sizable disappointment compared to October’s 31st ranking. With housing units totaling 1,746,807, the 28th most populous state saw 448 homes go into foreclosure at a rate of one in every 3,899 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Tulsa, Garfield, Canadian, Dewey, and Cleveland.
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Ranked 18th for most populous state, America in Miniature took 11th place for highest foreclosure rate. With a total of 2,530,844 housing units, of which 670 housing units went into foreclosure, the state’s foreclosure rate was one in every 3,777 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Charles, Dorchester, Caroline, Cecil, and Washington.
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Ranked eighth in population, the Peach State acquired the 10th spot for highest foreclosure rate. Of its 4,410,956 homes, 1,182 were foreclosed on. This puts the state’s foreclosure rate at one in every 3,732 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Calhoun, Turner, Newton, Walton, and Liberty.
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With 2,296 out of a total 8,488,066 housing units going into foreclosure, the Empire State claimed the 9th spot in November. The fourth-most populous state’s foreclosure rate was one in every 3,697 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Washington, Chautauqua, Suffolk, St. Lawrence, and Putnam.
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The 17th largest state by population, the Crossroads of America grasped the eighth spot with a foreclosure rate of one in every 3,419 homes. Of its 2,923,175 housing units, 855 homes were foreclosed on in November. The counties with the most foreclosures per housing unit were (from highest to lowest): Jennings, Fountain, Vermillion, Sullivan, and Morgan.
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Ranking 32nd in population, the Silver State took the seventh spot for foreclosure rate. With one in every 3,319 homes going into foreclosure, and a total of 1,281,018 housing units, the state had 386 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): White Pine, Clark, Lander, Nye, and Humboldt.
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The Buckeye State took sixth place yet again in November with a foreclosure rate of one in every 3,238 homes. With a total of 5,242,524 housing units, the seventh-most populous state had a total of 1,619 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Jefferson, Huron, Cuyahoga, Columbiana, and Harrison.
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The country’s least populous state surprisingly claimed the 5th spot for highest foreclosure rate in November, a drastic change from October’s 44th ranking. With 271,887 housing units, of which 84 went into foreclosure, the Equality State’s foreclosure rate was one in every 3,237 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Platte, Campbell, Carbon, Natrona, and Sublette.
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With one in every 3,195 homes going into foreclosure, the Palmetto State obtained the fourth ranking once again. The 23rd most populous state has 2,344,963 housing units and saw 734 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Orangeburg, Colleton, Kershaw, Dorchester, and Lexington.
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With a foreclosure rate of one in every 2,916 homes, the Garden State placed third for, ironically, the third time in a row. The 11th most populous state has 3,761,229 housing units, of which 1,290 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Gloucester, Cumberland, Salem, Camden, and Sussex.
JERRYE / Wiki Commons
The sixth-least populous state in the country, the Small Wonder maintained its second place spot from October. With one in every 2,736 homes going into foreclosure and a total 448,735 housing units, the state saw 164 foreclosure filed. With only three counties in the state, the most foreclosures per housing unit were (from highest to lowest): Kent, New Castle, and Sussex.
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The Land of Lincoln made the top spot for highest foreclosure rate for the fourth month in a row, the longest of any state. Of its 5,426,429 homes, 2,260 went into foreclosure, making the sixth-most populous state’s foreclosure rate one in every 2,401. The counties with the most foreclosures per housing unit were (from highest to lowest): Mason, Livingston, Rock Island, Logan, and Marshall.
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Of all 50 states, California had the most foreclosure filings (3,483), and South Dakota had the least (4). As for the states with the highest foreclosure rates, Illinois, Delaware, and New Jersey took the top three spots, respectively.
Two regions – The Great Lakes and the Mideast – tied for having the largest presence among the 10 states that ranked the highest for foreclosure rates. The states in the Great Lakes region were (from highest to lowest): Illinois, Ohio, and Indiana. The states in the Mideast region were (from highest to lowest): Delaware, New Jersey, and New York.
The Plains region had the largest presence among the 10 states that ranked the lowest for foreclosure rates. The states were (from highest to lowest): Kansas, North Dakota, and South Dakota.
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This article originally appeared on SoFi.comand was syndicated by MediaFeed.org.
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