SBA Number: 24-01 ADV
WASHINGTON, D.C.- The Office of Advocacy’s (Advocacy) Office of Economic Research has released its newest installment of “Frequently Asked Questions About Small Business.” The publication compiles the most up-to-date federal statistics about American small businesses in one place, including the following:
- There are 34,752,434 small businesses in the United States.
- Small businesses employ 45.9 percent of American private sector workers, or about 59 million people.
- In 2022,1.4 million business establishments opened for the first time, and 1.2 million establishments closed permanently.
This report is a convenient place to find facts about the economy and uses tables and graphics to better illustrate relevant small business data. Further, it gives a general overview of the contributions and function of small businesses in the U.S. economy.
Deputy Chief Counsel Major L. Clark said, “This publication answers the questions we most hear about small businesses with data-driven responses. It contextualizes the work we do at Advocacy, complete with the supporting numbers.”
Advocacy’s new publication, “Frequently Asked Questions about Small Business, July 2024 (PDF, 1.31 MB)” is now available.
Created by Congress in 1976, the Office of Advocacy of the U.S. Small Business Administration is an independent voice for small business within the federal government. Appointed by the President and confirmed by the U.S. Senate, the Chief Counsel for Advocacy directs the office. The Chief Counsel advances the views, concerns, and interests of small business before Congress, the White House, federal agencies, federal courts, and state policy makers. Economic research, policy analyses, and small business outreach help identify issues of concern. Regional Advocates and an office in Washington, DC, support the Chief Counsel’s efforts. For more information on the Office of Advocacy, visit https://advocacy.sba.gov/, or call (202) 205-6533.
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