United States Small Business Economic Profile
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U.S. SMALL BUSINESS ADMINISTRATION 2021 Small Business Profile REGULATION RESEARCH OUTREACH United States 32.5 million small businesses 61.2 million small business employees 99.9 percent of US businesses 46.8 percent of US employees Percent 60 50 Share of employees working at small businesses by state Source of data: Statistics of US Businesses (Census) Business dynamicsEstablishments Between March 2019 and March Millions of establishments 2020, 1.0 million US establishments 1.0 opened and 993,809 closed, for a net 0.5 Openings Net change increase of 42,650. Employment 0.0 expanded at 1.9 million and -0.5 Closings contracted at 2.0 million. Small businesses accounted for 909,808 -1.0 openings and 843,229 closings. 2000 2010 2020Employment Opening and expanding US Millions of jobs establishments added 12.8 million jobs, while closing and contracting 10 Gains Net change establishments lost 12.3 million, for 0 a net increase of 406,001 jobs. Small businesses gained 9.1 million jobs -10 Losses and lost 8.7 million, for a net increase of 466,607 jobs. 2000 2010 2020Counts include temporary closures and reopeningsSource: Business Employment Dynamics (BLS) 1 Small business loansThe Community Reinvestment Act New lending to businesses with revenues under $1 millionrequires large banks to report new $Billionsmall business loans. In 2019, reportingbanks issued $87.1 billion in loans to USbusinesses with revenues of $1 million 100or less. Total reported new lending tobusinesses through loans of $100,000 orless was $98.7 billion, and total 50reported new lending to businessesthrough loans of $1 million or less was$250.9 billion. 0Source: CRA Aggregate gg g Data (FFIEC) 2000 2005 2010 2015 2020 Small business count by size and industry No 1–19 20–499 All small Industry employees employees employees businesses Professional, Scientific, and Technical Services 3,726,651 767,250 50,525 4,544,426 Other Services (except Public Administration) 2,978,235 654,326 45,851 3,678,412 Construction 2,635,432 659,092 59,193 3,353,717 Real Estate and Rental and Leasing 2,876,253 306,687 13,005 3,195,945 Administrative, Support, and Waste Management 2,521,600 309,104 38,871 2,869,575 Transportation and Warehousing 2,572,386 170,528 19,880 2,762,794 Retail Trade 2,103,399 584,707 55,851 2,743,957 Health Care and Social Assistance 2,071,125 569,523 89,831 2,730,479 Arts, Entertainment, and Recreation 1,513,725 116,811 16,797 1,647,333 Accommodation and Food Services 459,908 420,092 126,494 1,006,494 Finance and Insurance 755,353 221,636 15,897 992,886 Educational Services 806,465 74,899 19,323 900,687 Wholesale Trade 399,400 250,016 40,778 690,194 Manufacturing 354,100 183,318 58,877 596,295 Information 358,505 70,584 10,417 439,506 Agriculture, Forestry, Fishing and Hunting 256,372 21,272 1,354 278,998 Mining, Quarrying, and Oil and Gas Extraction 82,524 15,655 3,051 101,230 Utilities 14,099 4,598 1,225 19,922 Management of Companies and Enterprises * 4,702 13,851 18,553 Industries not classified * 12,114 43 12,157 Total 26,485,532 5,411,180 644,241 32,540,953* Not reported by the Census BureauSources: Nonemployery Statistics, 2018 (Census); Statistics of US Businesses, 2018 (Census) Small business exports A total of 288,063 identified firms exported goods worth $1.5 trillion from the United States in 2019. Of those exporters, 280,496—or 97.4 percent—were small. Small firms exported goods worth $459.6 billion, making up 31.6 percent of exports by identified firms
Source: A profile of US importing and exporting companies, 2018–2019 (Census)United States 2021 2 SBA Office of Advocacy Business ownership share by demographic groupWomen Workers Women made up 47.3 percent of workers and owned Ownership 43.1 percent of businesses
Veterans Workers Veterans made up 5.0 percent of workers and owned Ownership 6.6 percent of businesses
Hispanics Workers Hispanics made up 17.6 percent of workers and owned Ownership 13.3 percent of businesses
Racial minorities Workers Racial minorities made up 24.8 percent of workers and owned Ownership 19.0 percent of businesses
Ownership shares include equal and majority ownershipSources of data: American Community Survey, 2018 (Census and IPUMS); Annual Business Survey, 2018 (Census);Nonemployer Statistics by Demographics, 2017 (Census) Business count by owner demographic group Without With Ownership employees employees Total Female 10,550,000 1,141,410 11,691,410 Male 13,910,000 3,496,959 17,406,959 Owned equally by both groups 612,000 860,754 1,472,754 Veteran 1,421,000 337,934 1,758,934 Not veteran 23,550,000 5,015,409 28,565,409 Owned equally by both groups 100,000 145,782 245,782 Hispanic 3,635,000 331,625 3,966,625 Not Hispanic 21,390,000 5,118,211 26,508,211 Owned equally by both groups 44,500 49,285 93,785 American Indian and Alaska Native 84,500 24,433 108,933 Asian 1,960,000 577,835 2,537,835 Black or African American 2,951,000 124,551 3,075,551 Native Hawaiian and Other Pacific Islander 38,500 6,653 45,153 White 19,990,000 4,769,883 24,759,883 Hispanic or racial minority 8,169,000 1,048,323 9,217,323 White and not Hispanic 16,830,000 4,364,169 21,194,169 Owned equally by both groups 75,000 86,633 161,633Counts include only businesses classifiable by owner demographic groupSources: Annual Business Survey, 2018 (Census); Nonemployer p yy Statistics by g p y Demographics, 2017 (Census)United States 2021 3 SBA Office of Advocacy Total US employment by business size Source of data: Statistics of US Businesses (Census) Million G 125 Between 1994 and 2018, 100 US small business 500 employees or more employment grew by 20.1 75 percent, reaching 61.2 50 100 to 499 million employees in 2018
20 to 99 25 fewer than 20 G 0 1995 2000 2005 2010 2015 Small business employment and payroll by industry Employers Employment Payroll ($1,000s) Industry Small % Small % Small % Professional, Scientific, and Technical Services 817,775 99.6 5,259,413 57.7 403,772,227 50.4 Construction 718,285 99.8 5,572,962 81.8 329,198,011 76.8 Other Services (except Public Administration) 700,177 99.8 4,736,342 84.6 151,225,071 80.0 Health Care and Social Assistance 659,354 99.3 9,064,362 44.2 378,490,065 36.4 Retail Trade 640,558 99.6 5,498,587 35.1 188,107,293 41.1 Accommodation and Food Services 546,586 99.5 8,688,379 60.6 167,696,424 57.6 Administrative, Support, and Waste Management 347,975 98.8 3,802,335 30.9 150,476,792 29.4 Real Estate and Rental and Leasing 319,692 99.6 1,481,216 67.0 77,607,070 63.2 Wholesale Trade 290,794 98.9 3,390,716 55.0 213,346,333 47.4 Manufacturing 242,195 98.4 5,079,058 42.6 259,718,593 36.2 Finance and Insurance 237,533 99.3 1,903,886 29.3 162,022,396 24.1 Transportation and Warehousing 190,408 98.8 1,719,572 34.2 78,455,197 29.9 Arts, Entertainment, and Recreation 133,608 99.4 1,458,450 59.9 53,198,081 60.3 Educational Services 94,222 98.6 1,684,311 45.1 58,485,906 39.4 Information 81,001 98.5 987,519 27.4 77,881,093 20.2 Agriculture, Forestry, Fishing and Hunting 22,626 99.6 138,005 84.2 6,144,459 83.6 Mining, Quarrying, and Oil and Gas Extraction 18,706 98.1 261,547 43.2 22,019,535 38.5 Management of Companies and Enterprises 18,553 70.2 393,039 11.1 31,945,559 8.1 Industries not classified 12,157 100.0 13,875 100.0 448,866 100.0 Utilities 5,823 96.6 110,457 17.1 8,850,934 12.6 Total 6,055,421 99.7 61,244,031 46.8 2,819,089,905 39.7Source: Statistics of US Businesses, 2018 (Census) About this profile Small businesses are defined here as firms with fewer than 500 employees. Figures and statistics may incorporate approximations because of missing or otherwise problematic data. Data analyzed here predate the COVID-19 pandemic, the impacts of which have differed by industry, geography, and demographic group. More information about the impacts of the pandemic, electronic versions of these and other ggeographic g pp pprofiles, and additional resources are available at http://advocacy.sba.gov
pp /// yy gUnited States 2021 4 SBA Office of Advocacy
Small business loans The Community Reinvestment Act New lending to businesses with revenues under $1 million requires large banks to report new small business loans. In 2019, reporting banks issued $87.1 billion in loans to US businesses with revenues of $1 million or less. Total reported new lending to businesses through loans of $100,000 or
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Frequently Asked Questions
What are the small business profiles?
The profiles gather the latest federal economic data into state-by-state snapshots of small business health and economic activity. This year’s profiles focus on state small business dynamics and employment. They answer questions like: How many small businesses are in my state?
How many people are employed by small businesses in the us?
• United States small businesses employed 60.6 million people, or 47.1% of the private workforce, in 2017. (Source: SUSB) • Firms with 20 to 99 employees have the largest share of small business employment. Figure 1 provides further details on firms with employees.
What kind of economic data is included in the profiles?
Some economic data is also supplied for U.S. territories. This year’s profiles report on state economic growth and employment. The data included in each profile answers the following questions: How many small businesses are in my state? How many jobs do they create? Which industries have the most small businesses and small business jobs?
What is the current economic rate in america?
Overall Economy • In the fourth quarter of 2019, the United States grew at an annual rate of 2.1%. The United States’ 2019 overall growth rate of 2.3% was down from the 2018 rate of 2.9%. (Source: BEA) • In April 2020, the unemployment rate was 14.7%, up from 3.6% in April 2019. (Source: CPS) Employment