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 2020 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 31.7 small businesses that employ 47.1% 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 service, and (3) retail trade.
“The Small Business Profiles show the importance of each state’s small businesses to the local economy, especially during these challenging economic times.” said Acting Chief Counsel Major L. Clark, III. “Each of the 31.7 million small businesses in the United States are important drivers of innovation and job growth that can lead us towards economic recovery.”
The 2020 Small Business Profiles largely showcase economic information collected before the COVID-19 pandemic. The profiles show in 2019, prior to the pandemic, small businesses created 1.6 million net new jobs in the U.S. In April 2020, the unemployment rate was 14.7%, up from 3.6% a year earlier, showing the recent impacts of the pandemic.
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.
If you run a small to medium sized business in and would like to discuss your financing options, Growth Corp’s team of professionals will work with you directly to provide the best financing strategy for reaching your goal. Contact any member of our Lending Team today!