Page 18 - THE SOUTH CHINA BUSINESS JOURNAL
P. 18
C. TODAY
The State of Small
Business Now
By U.S. Chamber of Commerce
“ Small businesses is generally defined by the
What you need to know U.S. Small Business Association (SBA) as
about small business in independent businesses having fewer than 500
America including the employees. Based on SBA's definition, there are
latest data on job creation, 33.2 million small businesses in America, which
business starts, and more. account for 99.9% of all U.S. firms.
”
Small businesses are credited with just under two-
thirds (63%) of the new jobs created from 1995 to
2021 or 17.3 million new jobs. Small businesses
represent 97.3% of all exporters and 32.6% of
known export value ($413.3 billion). They also
employ almost half (46%) of America's private
sector workforce and represent 43.5% of gross
domestic product.
Key Takeaways By almost any measure, small businesses are a
vital part of the American economy and workforce.
• There are 33.2 million small
businesses in America, which Small business starts reach new highs
combined account for 99.9% of
all U.S. businesses. Entrepreneurship is booming in the U.S. In 2021
alone, a record breaking 5.4 million new business
• Small businesses are credited applications were filed, and nearly as many (5.1
with just under two-thirds (63%) million) were filed in 2022.
of the new jobs created from
1995 to 2021. "Entrepreneurship is booming in the U.S. In 2021
alone, a record breaking 5.4 million new business
• In 2021, a record breaking 5.4 applications were filed."
million new business applications
were filed in the U.S. New economic needs and changing consumer
preferences during the COVID-19 pandemic
• In terms of their impact on the created more circumstances for new businesses
economy, small businesses aren’t to start. Many individuals turned their ideas and
actually that small. hobbies into a business that could be run from
home and the number of e-commerce retailers
skyrocketed. Professional and business services
was not far behind, as entrepreneurs tapped into
the need for personal consulting services.
The U.S. Chamber has set up an interactive
map to track the increase in new business
applications by state.
Inflation bites
Amid historically high inflation, many small
businesses are struggling to keep up with rising
15 AMCHAM SOUTH CHINA
The State of Small
Business Now
By U.S. Chamber of Commerce
“ Small businesses is generally defined by the
What you need to know U.S. Small Business Association (SBA) as
about small business in independent businesses having fewer than 500
America including the employees. Based on SBA's definition, there are
latest data on job creation, 33.2 million small businesses in America, which
business starts, and more. account for 99.9% of all U.S. firms.
”
Small businesses are credited with just under two-
thirds (63%) of the new jobs created from 1995 to
2021 or 17.3 million new jobs. Small businesses
represent 97.3% of all exporters and 32.6% of
known export value ($413.3 billion). They also
employ almost half (46%) of America's private
sector workforce and represent 43.5% of gross
domestic product.
Key Takeaways By almost any measure, small businesses are a
vital part of the American economy and workforce.
• There are 33.2 million small
businesses in America, which Small business starts reach new highs
combined account for 99.9% of
all U.S. businesses. Entrepreneurship is booming in the U.S. In 2021
alone, a record breaking 5.4 million new business
• Small businesses are credited applications were filed, and nearly as many (5.1
with just under two-thirds (63%) million) were filed in 2022.
of the new jobs created from
1995 to 2021. "Entrepreneurship is booming in the U.S. In 2021
alone, a record breaking 5.4 million new business
• In 2021, a record breaking 5.4 applications were filed."
million new business applications
were filed in the U.S. New economic needs and changing consumer
preferences during the COVID-19 pandemic
• In terms of their impact on the created more circumstances for new businesses
economy, small businesses aren’t to start. Many individuals turned their ideas and
actually that small. hobbies into a business that could be run from
home and the number of e-commerce retailers
skyrocketed. Professional and business services
was not far behind, as entrepreneurs tapped into
the need for personal consulting services.
The U.S. Chamber has set up an interactive
map to track the increase in new business
applications by state.
Inflation bites
Amid historically high inflation, many small
businesses are struggling to keep up with rising
15 AMCHAM SOUTH CHINA
