Small-business owners in Austin are feeling especially glum these days.
A new analysis from Lending Tree finds that 16.5% of them believe their businesses will never return to pre-pandemic vibrancy, placing the Texas capital at the top of the list.
The second place city also is in the Lone Star State: San Antonio with 14.9%.
Rounding out the top five are San Jose with 14.8% and New York City and San Francisco, both with 14.6%.
According to Lending Tree’s examination of U.S. Census information, the number of small-business owners who doubted their businesses would ever recover from the coronavirus pandemic jumped close to 50% between the end of April and the end of June. COVID-19 cases continue to spike in many states, with California and Texas among the hardest-hit over the past few weeks.
Small-business owners who are more optimistic about their own economic recoveries aren’t expecting a quick turnaround. An average of 65.4% of them anticipate at least four months.
Of the 50 largest metro areas that Lending Tree looked at, Raleigh, North Carolina, was the most optimistic with 2.2% of small-business owners expecting a return to normal, followed by Salt Lake City with 3.2%; Sacramento with 4.9%; Indianapolis with 5.2%; and New Orleans with 5.4%.
Check out the full map on the Lending Tree website or via the embed below.