The first decade of the 21st century has seen a 62% increase in the population of the City of Rexburg. Rexburg’s Department of Economic Development has been charged with promoting, attracting, and assisting businesses as they seek to grow, expand or relocate to Rexburg.
A recent article in the Wall Street Journal claimed “the odds of a small business succeeding have gotten slimmer over time despite a culture that lauds entrepreneurship. Just 47% of business launched in 2005 survived at least five years, compared with 50% 10 years earlier, according to the Ewing Marion Kauffman Foundation” (Needleman). This 47% survival rate is collaborated by data from the Bureau of Labor Statistics where “across all sectors, 44% of [businesses] survived through the fourth year, and 31% to the seventh year” (Knaup and Piazza). Across all NAICS sectors within Rexburg, Idaho exceed this business attrition rate.
Across all sectors, 50.4% of all establishments, which have opened in Rexburg from 2006 to 2011, survived. This number is slightly higher than the Bureau of Labor’s 2007 study reported in the Monthly Labor Review for September of 44%.
NAICS Business Sectors
Two digit NAICS codes were assigned to each business establishment within Rexburg, dividing all businesses into 17 sectors: Agriculture, Forestry, Fishing and Crop Production (NAICS codes 11); Construction (23); Utilities (22); Manufacturing (31-33); Wholesale Trade (42); Retail Trade (44-45); Transportation and Warehousing (48-49); Information (51); Finance and Insurance (52); Real Estate and Rental and Leasing (53); Professional, Scientific and Technical (54); Management of Companies and Enterprises (55); Educational Services (61); Health Care and Social Assistance (62); Arts, Entertainment and Recreation (71); Other Services (except Public Administration) (81).
Broken down by year, the following tables show the number of businesses started within each calendar year, by NAICS code. In addition, each table shows the survival percentage for each category and the average number of years these establishments are open. Each year contains data on businesses that started in that year.