Happy Wednesday and happy early Memorial Day! In this week's Big I Buzz, we are sharing some stats from AAA's Memorial Day Holiday Travel Forecast and Wisconsin's small business survival rate. 

AAA Memorial Day Holiday Travel Forecast

According to AAA's report, the Memorial Day holiday weekend is expected to see a 7% increase in travelers compared to last year, with a total of 42.3 million people traveling. This indicates a growth of 2.7 million travelers from 2022. Despite recession concerns, consumers are willing to spend, resulting in travel volumes reaching 99% of pre-pandemic levels. Car travel is anticipated to rise by 6%, reaching 37.1 million travelers, while air travel is expected to grow by 11% with 3.39 million travelers. Overall, the report highlights a steady recovery in travel, nearing pre-pandemic levels. 

The IIAW has put together a graphic highlighting these stats and have shared it to our Facebook page. Feel free to share it with your clients to remind them about the importance of safe driving, especially during a busy holiday weekend.

Wisconsin Had the Second-Best 10-Year Small Business Survival Rates Over the Last Decade

Wisconsin ranks second in the nation for small business survival rates over the past decade, according to a recent analysis by The Southern Bank Company. Approximately 43% of private sector businesses that opened in Wisconsin in a 12-month period ending in March 2012 were still operating after ten years. These surviving businesses also experienced significant growth, with their average number of employees increasing from 4.5 to 10.7. The state's small business survival rate has remained relatively stable over time, with around 42.2% of businesses that opened in a 12-month period ending in March 1994 still open in 2004 and 19.7% still open in 2022. 

The decline in survival rates over time is attributed to financial limitations faced by small businesses. The CEO of the Wisconsin Economic Development Corp. attributes Wisconsin's high survival rate to the state's robust support system for small businesses, including small business development centers and local chambers of commerce. Read more here. 

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