Phoenix in bottom half among US cities with profitable businesses

Posted at 10:14 AM, Aug 05, 2019
and last updated 2019-08-05 13:14:47-04

PHOENIX — Businesses in Phoenix are not as profitable as firms in other U.S. cities, according to a new report.

Phoenix ranked just 36th out of 50 U.S. metro areas reporting the largest share of profitable businesses, according to a report from online lending marketplace LendingTree.

According to the report, 63.23% of Phoenix businesses recorded a profit, against 18.47% that recorded losses. In total, Phoenix has 41,279 businesses, according to the report.

To determine the rankings, researchers used U.S. Census Bureau data from the 2016 Survey of Entrepreneurs to compare the total number of firms with 5 or more employees in a metro area to the number of firms reporting profits, and calculated a percentage.

Click here for the full story from the Phoenix Business Journal.