Advocacy Releases Small Business Profiles for All the States and Territories

WASHINGTON – Today, the Office of Advocacy, an independent office within the 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.

“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 Dr. Winslow Sargeant, Chief Counsel for 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. Today’s 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.”

Top line national small business statistics 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 employment.

· 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.

For a detailed report by state, please check out the report here on the Office of Advocacy website.

Background: The Small Business State and Territory Profiles report on the economic status of small business from 2010 to 2013. The profiles are a reference tool for researchers, policymakers, and small entities who are interested in how small firms are performing regionally or nationally. Note that this report generally defines small businesses as firms with fewer than 500 employees.

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