Libraries and Archives — Business Survival Rate
An estimated 59% of libraries and archives businesses survive their first 5 years, based on U.S. Census Bureau Business Dynamics Statistics. The annual business closure rate is 10.1%.
Is Libraries and Archives a Good Business to Start?
With a 59% five-year survival rate, libraries and archives is near the national average (~50%). This means roughly half of new entrants will still be operating after 5 years — typical business risk that rewards solid planning and execution.
The annual exit rate of 10.1% indicates moderate turnover. Success depends on differentiation, location, and operational efficiency rather than inherent industry advantages.
Entry vs. Exit Rates
Annual rate of new businesses opening versus existing businesses closing.
Net positive: more businesses opening than closing (+4.6 pp spread).
Job Creation & Destruction
The industry is adding jobs faster than losing them — a positive sign for both workers and new business owners looking to hire. Total employment: 337,522 workers across 9,410 firms.
Want to know how much libraries and archives businesses actually make?
See full revenue benchmarks for Libraries and Archives →Frequently Asked Questions
- What percentage of libraries and archives businesses fail?
- Approximately 41% of libraries and archives businesses fail within their first 5 years. The annual closure rate is 10.1%, with 941 firms closing permanently in 2023.
- Is the libraries and archives industry growing or shrinking?
- The libraries and archives industry is currently stable with a net job creation rate of +1.6% per year. New businesses are entering at 14.7% while 10.1% close annually.
Source: U.S. Census Bureau, Business Dynamics Statistics (2023). Survival rate estimated from annual exit rates.