Did You Know?
As Small Business Goes, So Goes Our Economy
Cents of Community is focused on supporting the vitality of small businesses in our communities. With all the attention on Wall Street, the Fortune 500, and the global conglomerates, many of us forget the critical role played by small businesses in our economy. Check out these important facts*.
Small businesses —
- Represent more than 99.7% of all U.S. employers
- Employ half of all private sector workers (130 million jobs)
- Employ 39% of workers in high-tech jobs
- Pay 44.3% of the total U.S. private payroll
- Produce more than 50% of U.S. nonfarm GDP, or $6 trillion
Small businesses account for —
- 53% of all retail sales
- 47% of all wholesale sales
- 25% of all manufacturing
- 97% of all U.S. exports
- Produce 13-14 times more patents per employee than large firms
[*Based on information compiled from the Small Business Administration, Office of Advocacy, Small Business Profile, October 2009]