Most people will tell you that they’re extremely proud when their hometown or current city accomplishes something. Hometown pride is why people are diehard fans for the local professional or college sports teams. Knowing that their city shines bright in any light, gives people a good feeling inside.
With that said, people in the New York Metro area should have a strong sense of pride in how their businesses are performing. According to Experian’s Q2 Metro Business Pulse analysis, which looks at the top metropolitan areas in four key business credit categories, businesses in the New York area had the lowest average bankruptcy rates in the quarter, at just 0.28 percent. Those in the Nassau, NY; Baton Rouge, La; Honolulu; and Miami areas also have reason to be excited, as their businesses rounded out the top five with the lowest rates in this category.
Another group of people who have reason to celebrate are those who live in the San Francisco area. Businesses there paid their bills an average of 3.2 days beyond contracted terms (DBT), more than 2.5 days less than the national average of 5.7 DBT. Businesses in the Omaha, Neb.; New York; Seattle; and Milwaukee metro areas also finished paying their bills faster than the national average. On the flipside, businesses in the Fort Myers, Fla. region took the longest to pay their bills, with businesses paying 18 days beyond contracted terms. The Orlando, Fla. Las Vegas; Miami; and Fort Lauderdale, Fla. metro areas rounded out the bottom five slow payers.
The analysis also showed that all metro areas in the top five of business delinquency rates were well below the national average of 9.64 percent. Salt Lake City area businesses had the lowest business delinquency rates in Q2 at 0.92 percent, followed by Boise City, Idaho (1.62 percent); Houston (2.19 percent); San Diego (3.13 percent); and Tucson, Ariz. (3.17 percent). Conversely, businesses in the Miami metro area had the highest delinquency rate of 44.72 percent, followed by Fort Myers, Fla.; Orlando, Fla.; Cincinnati; and Fort Lauderdale, Fla.