St. Croix, Pierce communities reflect state, national trend in business closuresSt. Croix and Pierce counties reflect a business closure pattern seen across the region and nation since 2007 with St. Croix losing 119 businesses and Pierce, some 50 businesses. Meanwhile, Polk County lost 90 firms and Dunn County, 24.
HUDSON -- According to the 2010 edition of County Business Patterns (CBP), St. Croix County businesses with paid employees declined from 2,187 in 2007 to 2,068 in 2010, for a loss of 119 businesses. Business losses in St. Croix followed the same pattern across the Greater St. Croix Valley region of Polk, Pierce, Dunn and St. Croix as well as in Wisconsin, Minnesota and the United States.
The 2007 benchmark was selected as it coincides with the start of the nation’s current recession, which economists agree began in December 2007.
In neighboring Pierce County, the number of businesses in 2007 was estimated at 830 compared to the 2010 estimate of 780 (a loss of 50). Polk County lost 90 businesses (1,208 in 2007 versus 1,118 in 2010) while 24 were lost in Dunn (925 in 2007 versus 901 in 2010).
Wisconsin lost just over 6,700 during the same time frame while Minnesota lost nearly 6,100. In the U.S., there was a decline of an estimated 36,800 businesses from 2009-2010, marking the third consecutive year of decline. From 2008-2009 the decline was 168,000 establishments.
Information for villages and cities from CBP is done according to zip codes and the 2010 information is currently unavailable. Comparing 2007 estimates to 2009, shows 38 businesses were lost in the Hudson area (54016 zip), while 20 were lost in the New Richmond area (54017 zip), and 37 were lost in the River Falls area (54022 zip, includes business in St. Croix and Pierce counties).
“There is a compounding affect with the loss of businesses,” said William Rubin, executive director of St. Croix Economic Development Corporation. “As businesses decline, so does total employment and payroll. The estimates from the latest County Business Patterns is another illustration of the deep and stubborn recession. Predictably, St. Croix will see gains in businesses and our position within a growing region and metro area assures it.”
The 2012 edition of the County Business Patterns was released on June 26, 2012. It provides the only detailed annual information on the number of establishments, employees and payroll. It excludes self-employed business owners, employees of private households, railroad employees, agriculture production workers and most government employees.