Small businesses continue to drive the U.S. economy, according to the updated 2005 Small Business FAQ, released by the Office of Advocacy at the U.S. Small Business Administration.
Small business statistics highlighted in the 2005 Small Business FAQ include:
– Small businesses represent 99.7 percent of all employer firms.
– Over the past decade, small business net job creation fluctuated between 60 and 80 percent.
– Small businesses generate more than 50 percent of the nonfarm private gross domestic product (GDP).
– Two-thirds of new employer establishments survive at least two years after start-up, and 44 percent survive at least four years.
– Small businesses employ half of all private sector employees.
– Very small firms with fewer than 20 employees spend 45 percent more per employee than the largest firms to comply with federal regulations.
– Minorities own 4.1 million firms that generate $694.1 billion in revenues and employ 4.8 million workers.
– Women own 6.5 million businesses that generate $950.6 billion in revenues, and employ 7.2 million workers.
– In 2004, an estimated 580,900 employer firms opened while an estimated 576,200 closed.
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