The number of Wisconsin businesses that close is higher than the number of new firms, according to a new analysis of Census data.

The study released this week by the Washington-based Economic Innovation Group analyzed U.S. Census figures on “business dynamism,” a figure which compares the number of new businesses to the number that close.

It found Wisconsin was “underwater” for business dynamism from 2010 to 2014, the first five years of the economic recovery.

John Lettieri, EIG cofounder and senior director for policy and strategy, said the number of new companies formed in the state lagged behind those that closed, even as figures like employment and GDP began to rebound.

“Wisconsin has a really low startup rate – in fact it has the 48th lowest startup rate in the country over the course of the recovery,” Lettieri said. “That’s a concerning starting point. It gets worse when you look at the closure rate, the death rate of firms.” Read the full story here.