NEWSRELEASE
For Release: September 28,
2006
Contact: John McDowell,(202) 205-6941
john.mcdowell@sba.gov
SBA Number: 06-17
ADVO
Press Kit
Small Business Drives The U.S. Economy
Represent 99.7 Percent Of All Businesses, Employ 57.4 Million
WASHINGTON, D.C. - Small business continues to drive the United States economy, according to a report issued today by the Office of Advocacy of the U.S. Small Business Administration. Newly released data show that in 2005, small businesses represented 99.7 percent of all the nations employer businesses. Data also show that they employed 57.4 million Americans or 50.6 percent of the non-farm private sector workforce.
Clearly small business is a major part of our economy, said Thomas M. Sullivan, Chief Counsel for Advocacy. Small businesses innovate and create new jobs at a faster rate than their larger competitors. They are nimble, creative, and a vital part of every community across the country. This report will help remind policymakers and others of the important role small business plays in the nation.
The Small Business Profiles for the States and Territories uses the latest federal government statistics to detail small business contribution to the economy of the states, District of Columbia, the nation, Puerto Rico, and the U.S. territories. Small Business Profiles for the States and Territories from 2002 to present may be found at www.sba.gov/advo/research/profiles/.
Citing a variety of sources, data is updated annually that documents the number and type of businesses, ownership demographics including minority and women-owned statistics, employment and financing data, and other business information.
The Office of Advocacy, the small business watchdog of the federal government, examines the role and status of small business in the economy and independently represents the views of small business to federal agencies, Congress, and the President. It is the source for small business statistics presented in user-friendly formats and it funds research into small business issues.
For more information, visit the Office of Advocacy website at www.sba.gov/advo.
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The Office of Advocacy of the U.S. Small Business Administration (SBA) is an independent voice for small business within the federal government. The presidentially appointed Chief Counsel for Advocacy advances the views, concerns, and interests of small business before Congress, the White House, federal agencies, federal courts, and state policy makers. For more information, visit www.sba.gov/advo, or call (202) 205-6533.