SBA Office of Advocacy Releases Report: Small Business Profiles for the States and Territories
4:19 PM June 20, 2014
The SBA Office of Advocacy, an independent office within the Small Business Administration, has recently released a report containing its annual analysis of each state's small businesses. The report, Small Business Profiles for the States and Territories, has updated state profiles with the most recently available government data, including information on the number of firms, employment, and demographics. According to the findings, U.S. small businesses employ approximately 55 million of the nation's private workforce, and represent 99.7% of all businesses with employees. Small businesses continue to play a powerful role in the United States economy.
There are a growing number of small businesses exporting each year, and the data shows that a total of 304,867 companies exported goods from the United States in 2012. Of these, 297,995 or 99.7% were small firms; and they generated about a third (or 33%) of the nation's total known export value.
As Dr. Winslow Sargeant, Chief Counsel for SBA's Office of Advocacy notes, "With small business involvement, we can expand into the global economy and reach the 95 percent of the world's customers that are outside the U.S. Today's report illustrates how small businesses continue to represent a third of our nation's total known export value. As we look to advance into global markets, I hope our nation's leaders will use this information and continue to invest in small business."
WIPP is on the forefront of giving women-owned small businesses the tools and access necessary to be a part of this expansion of the global economy. If you are interested in exporting, be sure to register for the WIPP webinar ExportNOW 110: Getting Started in Exporting. Are You Ready? This is the first of WIPP's upcoming three part ExportNOW webinar series: Exporting - A Promise of Growth. You'll be in good hands with Laurel J. Delaney, Founder and President of GlobeTrade.com as the course instructor, who has recently authored a new book, Exporting: The Definitive Guide to Selling Abroad Profitably.
Additional Report Highlights:
- Annual income from sole proprietorships increased 7.1% in the 3rd quarter of 2013 and totaled $1.2 trillion.
- In 2011, there were an estimated 8,086,000 woman-owned businesses and 5,989,000 minority-owned businesses.
- The top three small business industries with the most jobs are: health care and social assistance, accommodation and food services, and retail trade.
To read the full report detailing each state, check it out here on the Office of Advocacy website.