Iowa business bankruptcies more than doubled from 2000 to 2005 February 23, 2008
Posted by John in Business.Tags: Bankruptcies
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New information from the Iowa Data Center (PDF). Excerpt here of Iowa and surrounding states:
Business Bankruptcies by State: 2000-2005
Area 2000 2001 2002 2003 2004 2005
Illinois 1,270 1,547 1,240 991 912 1,042
Iowa 214 289 354 323 360 455
Minnesota 1,492 1,887 1,729 1,379 1,374 1,721
Missouri 369 505 394 378 354 438
Nebraska 115 144 152 238 207 296
South Dakota 133 164 119 110 108 196
Wisconsin 685 734 856 722 742 820
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As I look at these numbers, to get a full picture you probably need to also look at the total number of businesses and the total number of new businesses. For example, in Missouri you show about 150 businesses going out of business. If you started a 1000 new businesses that number might not be statistially significant.
Also if you have unemployment dropping, which is did, you have a lot of sole proprietors finding job opportunities.
Finally, without knowing the size of these businesses is really apples and oranges. For example if in 2000, in Iowa 214 midsized and large businesses went out of business and in 2005 455 sole proprietorships went out of business it changes the equation.