NEWSRELEASE
For Release: August 18, 2003
Contact: John McDowell (202) 205-6941
john.mcdowell@sba.gov
SBA Number: 03-43 ADVO
Nation’s Economy Driven by Small Business
Create 75 Percent of Net New Jobs According to Latest Statistics
WASHINGTON, D.C. - Small business drives the nation’s economy, according to a new report released today by the Office of Advocacy. The report reveals that over 99 percent of all American businesses are small, they create 75 percent of the net new jobs, and they employ over half of the nation’s non-farm private employees.
“Main Street is where America goes to work,” said Thomas M. Sullivan, Chief Counsel for Advocacy. “Small businesses are driving our economy and creating jobs. President Bush understands the importance of entrepreneurial enterprise, that’s why his economic program promotes small business growth. I hope this report helps other policy makers recognize the key role that small business plays in our economy,” he concluded.
The report, 2003 State Small Business Profiles, uses the latest federal government statistics to show the importance of small business to each state and the nation. The 2003 edition includes available statistical data for Puerto Rico and the U.S. territories as well.
Citing a variety of sources, the report shows how small business dominates several sectors of the American economy such as construction; professional, scientific, and technical services; and health care and social assistance.
For more information and a profile of each state and territory, visit the Office of Advocacy website at
www.sba.gov/advo.###
Created by Congress in 1976, the Office of Advocacy of the U.S. Small Business Administration (SBA) 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
www.sba.gov/advo, or call (202) 205-6533.