Small Businesses Drive Job Growth in United States; They Account for 1.8 Million Net New Jobs, Latest Data Show
Release No. 19-4.1 ADV
WASHINGTON, D.C.— The Office of Advocacy, an independent office within the U.S. Small Business Administration, today released the Small Business Profiles for the States and Territories. Each year, Advocacy’s economic research team gathers the most recent government economic data to construct an in-depth but user-friendly snapshot of each state’s small business employment, industry, and economic growth statistics.
The 2019 Small Business Profiles show that small businesses added 1.8 million net new jobs in the United States during the latest year studied. The United States has 30.7 million small businesses, and they employ 47.3 percent of the private workforce. The top three industries for U.S. small business employment are (1) health care and social assistance, (2) accommodation and food services, and (3) retail trade.
“The data clearly show small businesses are at the forefront of economic growth,” said Acting Chief Counsel Major L. Clark, III. “Each of our country’s 30.7 million small businesses helps drive job growth and economic development in United States.”
“The Small Business Profiles illustrate the vibrancy of each state’s small businesses and their substantial contribution to the state economy,” continued Clark.
Among its findings, the 2019 U.S. Profile shows that in the third quarter of 2018, the U.S. economy grew at an annual rate of 3.4 percent. In February 2019, the unemployment rate was 3.8 percent, down from 4.1 percent a year earlier.
The profiles cover the United States, the 50 states, the District of Columbia, and five U.S. territories. They are based on data from the U.S. Census Bureau, the U.S. Department of Labor, and other federal agencies. To view the small business profiles, visit the Office of Advocacy State Profile webpage.