Small Business Creates America’s Jobs
Small Businesses Added 1.9 Million Net New Jobs
Small businesses in America created the majority of all new jobs in 2004. According to the United States Small Business Profile report by the Office of Advocacy of the U.S. Small Business Administration shows that small businesses added 1.9 million net new jobs in the early years after the 2001 recession.
“Small businesses are America’s job-creating dynamo,” said Dr. Chad Moutray, Chief Economist for the Office of Advocacy. “Clearly policymakers need to consider their impact on small business when they are making policy decisions.”
The data also shows that:
– In 2006, the nation had an estimated 26.8 million small businesses, of which 6.1 million were employer firms.
– Small businesses employed 50.9 percent of the nation’s non-farm private workforce in 2004.
– America had 1.1 million Asian-owned firms, 1.2 million Black-owned firms, 1.6 million Hispanic-owned firms, 201,400 Native American-owned firms, and 28,900 Native Hawaiian and Pacific Islander-owned firms in 2002 (latest data). (Note: cannot be totaled, as business owners chose multiple ethnic and racial categories).
– Women-owned firms totaled 6.5 million and generated $940.8 billion in revenues in 2002 (latest data).