Yelp Releases Local Economic Outlook for Q3 2018
August 23 2018 - 9:00AM
Business Wire
Las Vegas Tops The Nation For Business
Growth
Yelp Inc. (NYSE: YELP), the company that connects people with
great local businesses, today announced the quarterly release of
the Yelp Local Economic Outlook (LEO), a program to rank U.S. metro
areas by the pace of business growth to reveal the health of local
economies around the country.
Las Vegas is the nation’s top urban area for business growth,
according to the latest installment of Yelp’s LEO, ranking 50 metro
areas over the second quarter of 2018. The next two cities for
business growth—Austin, Texas; and Miami, Florida—also ranked in
the top three in the previous quarter’s ranking, with Las Vegas
replacing Atlanta. Cities where openings greatly outnumber closures
are ones where entrepreneurs have spotted opportunity and existing
businesses have found success.
Las Vegas’s surge to the top of the list was fueled by
home-services growth, signaling activity throughout the home-buying
and home-owning life cycles as the region’s construction sector
booms. Movers, mortgage brokers and specialists in flooring,
masonry and concrete, and solar installation all opened their doors
at rates far outstripping business closures throughout the Vegas
area. In the first quarter, as many home-services businesses in the
region closed as opened; second-quarter growth in the sector really
drove Vegas’s recovery.
No. 2 Austin’s story also is one of home-services strength, with
some different power centers: pressure washers, fences and gates,
and HVAC (heating, ventilation, and air conditioning). True to its
foodie reputation, Austin also has boomed in coffee and tacos.
Miami’s growth, third highest nationally, was fueled by the
health sector, with doctors in many different specialties opening
practices. Salons, offering a different kind of care, also boomed
in the area, including Biscayne Nail and Beauty Bar. (Natalia P.:
“I love this new place.”)
Atlanta, meanwhile, fell out of the top three in large part
because of a decline in growth in home services. The sector remains
strong but couldn’t keep pace with first-quarter growth, due in
part to the closures of businesses such as the highly rated AHH
Smart Move Services.
Detecting economic trends by measuring business growth is a
technique equally relevant for types of businesses as for metro
areas. In an accompanying report, we chart the meteoric growth in
businesses selling the Hawaiian raw-fish dish poke around the
U.S.
The Local Economic Outlook is part of a larger, ongoing project
to surface insights from Yelp’s deep data stores to help businesses
succeed and arm policymakers with the information they need to
boost local economies.
Ranking 50 Cities in America for Economic Opportunity
Current Rank City
- Las Vegas, Nev.
- Austin, Texas
- Miami, Fla.
- Louisville, Ky.
- Houston, Texas
- Salt Lake City, Utah
- Atlanta, Ga.
- Dallas, Texas
- Charlotte, N.C.
- Jacksonville, Fla.
- Nashville, Tenn.
- Madison, Wis.
- Buffalo, N.Y.
- Washington
- Memphis, Tenn.
- Seattle
- Albuquerque, N.M.
- Portland, Maine
- Tulsa, Okla.
- Denver
- Tampa, Fla.
- Orlando, Fla.
- Cincinnati, Ohio
- Charleston, S.C.
- San Diego, Calif.
- St. Louis
- Richmond, Va.
- Minneapolis
- Rochester, N.Y.
- Phoenix
- New York
- Milwaukee
- Honolulu
- Baltimore
- Portland, Ore.
- Pittsburgh
- Columbus, Ohio
- New Orleans
- Hartford, Conn.
- Los Angeles
- Tucson, Ariz.
- Sacramento, Calif.
- Boston
- Providence, R.I.
- Chicago
- Philadelphia
- Cleveland
- Omaha, Neb.
- San Francisco
- San Jose, Calif.
Methodology
We rank metros by the rate of change in number of businesses
between the start and end of the quarter. We count business
openings and closures by when those events are registered on Yelp
by users and business owners; our checks indicate that any
reporting lags are largely consistent across metros and wouldn’t
substantially alter the rankings.
Time Frame
The rankings are based on data from the second quarter of 2018
(April through June). The changes in rankings are based on
comparing data from the second quarter of 2018 with data from the
first quarter of 2018 (January through March).
Categories
We include businesses in the top 10 primary categories on Yelp,
according to page views. Data for a business in multiple primary
categories is divided among them.
Choosing the 50 Cities in the Economic Outlook
We started with the three biggest cities as measured by number
of listings on Yelp in each of the Census Bureau’s nine U.S.
regions in 2017. We then added 23 of the other largest cities in
the country. Each city includes businesses within the city’s larger
metro area. For 40 of the cities, we use the metro area defined by
the Census Bureau’s Metropolitan Statistical Areas. For the other
10, we use Census’s Metropolitan Divisions. We continue to track
these 50 cities — the Yelp 50 — each quarter.
About Yelp Inc.
Yelp Inc. (www.yelp.com) connects people with great local
businesses. With unmatched local business information, photos and
review content, Yelp provides a platform for consumers to discover,
interact and transact with local businesses of all sizes. Yelp was
founded in San Francisco in July 2004.
Yelp intends to make future announcements of material financial
and other information through its Investor Relations website. Yelp
will also, from time to time, disclose this information through
press releases, filings with the Securities and Exchange
Commission, conference calls or webcasts, as required by applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20180823005175/en/
Yelp Inc.Liina Potterpress@yelp.com
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