Study shows small business down nearly 25% in Eddy County

We’re seeing numerous signs of economic recovery, but some recent economic studies also offer some very sobering statistics about how much our small businesses were impacted over the past half of a year. According to a recent analysis conducted by Harvard and Brown Universities, the number of small businesses open in Eddy County decreased by 24.7 percent when comparing August 2020 to January of 2020. This isn’t a surprise, due to the state’s shutdown, and the same study shows that small business revenue decreased by 30.2 percent for Eddy County over the same time period. For comparison, the study indicated that the number of small businesses open in New Mexico decreased by 17.7 percent and the total small business revenue decreased by 21.3 percent between January and August. Likely because Eddy County’s economy had been healthy going into 2020, our small businesses here appear to have endured an even greater impact than the state average.

From the office of Mayor Dale Janway

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