Small Business Profiles for 2013 Released
The Office of Advocacy released its annual report entitled Small Business Profiles for the States and Territories. In a new and improved format, the profiles feature information on small business employment, industry composition, small business borrowing, exporting, and survival rates, as well as business owner demographics.
This annual publication provides information for the 50 states, the District of Columbia, the U.S. territories and the United States.
Some key 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 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.
The full report, as well as each individual state’s profile, can be accessed here on the Office of Advocacy’s website.