New data from the US Census Bureau has optimistic news for Boston companies that sell business-to-business.
There are approximately 122,000 businesses in the Boston area, according to the Census Bureau. Indeed, many of these businesses have suffered since the onset of the Coronavirus, especially in April.
Current census now indicates the fortunes of area companies are improving. This includes those companies with 500 or fewer employees. These small businesses account for 94% of all Boston area firms.
During the week of April 26, 45.6% of Boston area small businesses reported temporary closures. By July 1, the number dropped to 20.8%
Also, during that same week, 77% of Boston small business owners were reporting decreases in revenue versus the prior week. By the end of June, that number fell by half.
In both June and July of this year, national data shows all retail and food services spending significantly outperformed the prior year by between two and three percent.
As the business climate improves in the Boston area, the fortunes of B2B companies will accelerate as well. These include those businesses that sell office supplies, restaurant supplies, cleaning services, legal services, accounting services, transportation services, banking services, technology, and commercial real estate.