Thanks to SBA Chief Economist Chad Moutray and to Steve King of Small Business Labs for this link to interesting small business facts and data from the SBA. The summary here is direct from Small Business Labs:
The SBA released a reference guide to small business activity that includes state level detail. A lot of good information including:
- Between 2000 and 2005 the number of nonemployer businesses (personal businesses) grew at a rate almost 4 times faster than the overall growth growth rate for businesses. As of 2005 there were over 20 million nonemployer businesses.
- The number of small employer businesses (less than 500 employees) grew at a rate roughly 3 times faster than large companies. In 2005 there were roughly 6 million small employer businesses.
- Small businesses created almost 80% of the US economy’s net new jobs from 2004 to 2005.
These numbers clearly illustrate the growing role the small business sector is playing in the US economy.
I saw this on SBA Chief Economist Chad Moutray’s blog.