How Big of an Impact Do Small Businesses Make? Recent Publication Has the Answers
Release No. 18-36 ADV
WASHINGTON, D.C. – The Office of Advocacy’s publication, “Frequently Asked Questions About Small Business,” describes small businesses’ overall contribution to the U.S. economy.
It was recently updated with the latest government statistics.
- Most businesses are small – 99.9 percent of all firms are small. The total number of small businesses just surpassed 30 million.
- Exports – Small businesses generated 32.9 percent of known export value.
- Percent of payroll – Small businesses pay 40.8 percent of private sector payroll.
- Job creation – They are the nation’s job creators. They generated 66 percent of net new jobs since 2000.
- Longevity – About half of all establishments survive at least five years, and about one-third survive at least 10 years.
Advocacy has also adapted the top small business facts into a contemporary infographic. “What’s New with Small Business,” shows the latest government statistics on small businesses’ overall contribution to the U.S. economy in a precise and colorful fashion.