SBA releases small business profiles for all states
On June 17, the Office of Advocacy, an independent office within the U.S. Small Business
Administration, released a report entitled “Small Business Profiles for the States and Territories,” an annual analysis of each state’s small businesses. The new and improved state profiles include information on the number of firms, employment, demographics and other topics using the most recently available government data, according to the SBA.
“No small business is the same. From an innovative startup to a family run small business on Main Street, the story of entrepreneurship is constantly being re-affirmed. This is why America remains a vibrant nation,” said Winslow Sargeant, chief counsel for the Office of Advocacy.
“For example, with small business involvement, we can expand into the global economy and reach the 95 percent of the world’s customers that are outside the U.S. This report illustrates how small businesses continue to represent a third of our nation’s total known export value. As we look to advance into global markets, I hope our nation’s leaders will use this information and continue to invest in small business.”
National small business statistics from the report include:
● The U.S. is home to 28 million small businesses.
● Small businesses represent 99.7 percent of all businesses with employees and employ
about 55 million of the nation’s private-sector workforce.
● Small businesses with fewer than 100 employees have the largest share of small business
● The top three small business industries with the most jobs include health care and social
assistance, accommodation and food services, and retail trade.
● Most small businesses are sole proprietors. Annual income from sole proprietorships
increased 7.1 percent in the 3rd quarter of 2013 and totaled $1.2 trillion.
A detailed report by state is available on the Office of Advocacy website: www.sba.gov/ advocacy. The small business state report includes data on the economic status of small business from 2010 to 2013. The report generally defines small businesses as firms with fewer than 500 employees.