Small Business impacts on the U.S. economy

Man presenting graphsThought I would share some interesting small business facts published in February 2013 by the U.S. Small Business Administration, Office of Advocacy. NOTE: A small business is defined as less than 500 employees.

Here’s what they did:
• They represented 99.7% of all employers
• They employed 49.1% of the private-sector labor force (55.5m workers)
• They created 64% of net new private-sector jobs
• There were 27.8m small businesses in 2010
• Proprietors’ income totaled $1,104.3B
• They were 98% of firms exporting goods

Let’s take a look at Wisconsin:
• 97.8% of all employers
• 51.8% of private-sector labor force (1.2m workers)
• 439,699 businesses

How about the success rate of start-ups?
• Half survive five years or more
• One-third survive 10 years or more

Does Small Business matter? AMAZINGLY SO!

For additional information on all states:
Don’t forget to follow me on Twitter @smallbizlaura

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Guest bloggers for the TDS Business Blog.

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