New datashows that businesses have taken a major hit during the pandemic in neighboring Sonora.
Roughly one in five formal Sonoran businesses that were open in 2019 closed by the fall of 2020, according to Mexico’s national statistics and geography institute ( INEGI). For informal businesses, which account for a sizable portion of the Mexican economy, that figure was roughly one in four. Both were above the national averages.
New businesses also started in Sonora during the same period, but the growth rate was one of the slowest among Mexico’s 32 states.
Countrywide, slightly over 1 million businesses closed between the spring of 2019 and the fall of 2020, with another 620,000 opening, an overall drop of just over 8%.
