Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
New York Tops List of Cities with Optimal Business Health
Author: Joel R. Glucksman
Date: October 1, 2013
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Some municipalities are faring better than others in the health and vitality of their businesses and consumer spending. A telling sign for the overall business health of improving cities is often the viability of the local economy. Along these lines, a new report reveals which U.S. cities are on their way to full recovery and which may be left behind.
Experian recently released its Metro Business Pulse, an analysis that ranks the top metropolitan statistical areas in four key business credit categories: Municipal bankruptcy rates, the number of days businesses pay their bills beyond contracted terms, delinquency rates, and commercial risk scores. According to the results, New York City had the lowest business bankruptcy rate at 0.28 percent, followed by Nassau, NY at 31 percent and Baton Rouge, LA at 34 percent.
By contrast, companies in Sacramento, CA filed the highest number of bankruptcies during the second quarter of 2013, with 2.41 percent petitioning for relief under Chapter 7 or Chapter 11 of the bankruptcy law. Bakersfield and Riverside, CA placed second and third on the list of bottom five metropolitan areas with high business bankruptcy figures at 2.16 and 1.90 percent, respectively.
The analysis also examined delinquency rates among different geographical locations, which may point to which cities are likely to see a high number of businesses seeking bankruptcy protection due to financial hardship. Businesses in Miami, FL had the highest delinquency rates in the country at 44.72 percent, followed by Fort Meyers and Orlando at 37.19 and 26.78 percent respectively. Businesses in Fort Lauderdale, FL placed fifth on the list, suggesting that many companies in the state may be struggling to meet their obligations and expenses.
Despite the results of the analysis, separate studies indicate that corporate bankruptcy filings have begun to subside as the economy slowly mends and lenders start to open up credit once again.
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