Popular Small Business Data Publications from the Office of Advocacy Updated for 2019
Release No. 19-10 ADV
WASHINGTON, D.C. – The Office of Advocacy’s publication, “Frequently Asked Questions About Small Business,” has been updated with the latest government statistics. Advocacy’s popular infographic called, “What’s New with Small Business” has also been updated with a dozen key small business facts.
The FAQ shows the small business sector’s major economic role in the American economy:
- Most businesses are small – 99.9 percent of all firms are small. The total number of small businesses is now 30.7 million.
- Exports – Small businesses generate 33.3 percent of known export value.
- Job creation – Small businesses are the nation’s job creators. They have generated 65 percent of new net jobs since 2000.
- Longevity – About half of all establishments survive at least five years, and about one-third survive at least 10 years.
- Family oriented- About half of all firms are home-based, and about one-fifth are family owned.
- Percent of payroll – Small businesses pay 40.7 percent of private sector payroll.
For research purposes, the U.S. Small Business Administration defines small businesses as independent businesses with fewer than 500 employees.