New Advocacy Report Shows Small Business Total Reaches 34.8 million, Accounting for 2.6 million Net New Jobs in Latest Year of Data
SBA Number: 24-03-ADV
WASHINGTON, D.C.- The Office of Advocacy, an independent office housed in the U.S. Small Business Administration, released the 2024 Small Business Profiles for the States, Territories, and Nation today. Each year, Advocacy’s Office of Economic Research assembles the most recent data into a comprehensive snapshot of the small business economy across the United States.
The profiles show the number of small businesses and their share of private sector employment. The United States contains 34.8 million small businesses, which account for 45.9 percent of employment. California is the state with the highest number of small businesses at 4.2 million, followed by Texas and Florida. Montana is the state with the highest share of employment at small businesses, at 65.9 percent, followed by Wyoming and Vermont.
“The profiles provide detailed insight on the American small business economy,” said Deputy Chief Counsel Major Clark III. “These profiles examine the economy at the state level, showing owner demographic shares, industry-specific data, and lending trends. Stakeholders can use this data to make more informed decisions about growing small businesses in their home state.”
The 2024 Small Business Profiles for the States, Territories, and Nation are part of Advocacy’s larger geographic profile series, which highlights the features of small business economies for policymakers and other stakeholders at the national, state, and local levels. Visit the Office of Advocacy’s website to view the Small Business Profiles for various geographical areas.
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.