But you knew that, didn’t you? Here’s some of the scoop.
America’s small businesses continue to drive the U.S. economy, according to the updated 2005 Small Business FAQ, released today by the Office of Advocacy at the US Small Business Administration.
“The 2005 Small Business FAQ is a great resource for small business people, policymakers, and anyone interested in how small business drives our economy,” said Dr. Chad Moutray, Chief Economist for the Office of Advocacy. He added, “These statistics paint a compelling picture of just how important small business is to America. They show that small businesses are America’s job-creators, innovators, and the path to mainstream economic activity for all segments of our society.”
Small business statistics highlighted in the 2005 Small Business FAQ include:
- Small businesses represent 99.7 percent of all employer firms.
- Small businesses generate more than 50 percent of the nonfarm private gross domestic product (GDP).
- Two-thirds of new employer establishments survive at least two years after start-up, and 44 percent survive at least four years.
- Small businesses employ half of all private sector employees.
- Minorities own 4.1 million firms that generate $694.1 billion in revenues and employ 4.8 million workers.
- Women own 6.5 million businesses that generate $950.6 billion in revenues, and employ 7.2 million workers.
- In 2004, an estimated 580,900 employer firms opened while an estimated 576,200 closed.
Pretty cool, huh? Pat yourself on the back for helping out the good ‘ol US of A. What I find particularly heartening is that more businesses are opening than closing. That means small business owners are doing a better job leading and managing the business they love so much.
For more information and a complete copy of the 2005 Small Business FAQ, visit the Office of Advocacy website.