5 Amazing Small Business Statistics You Should Know About
Small businesses in America truly are the backbone of our society. They're the soul of our communities. They sponsor our kids' soccer teams and donate to local causes. They hire our neighbors and remember our names. That's why as part of our National Small Business Week celebrations, we want to share 5 amazing and uplifting statistics about small businesses in the U.S.!
1. There are 33.2 million small businesses throughout the U.S. and that number is rapidly growing each day.
As of 2022, there are 33.2 million small businesses across the United States. They account for more than 61.5 million jobs throughout the U.S.! On average, over 1,800 new small businesses are opened in the states daily!
2. Small businesses are responsible for creating 66% of new jobs created throughout the U.S.
According to the Bureau of Labor Statistics, small businesses account for more than 12.9 million new jobs that have been established in the U.S. since 1996. In the past 27 years, small businesses have been responsible for almost 70% of new employment opportunities.
3. 42% of U.S. small businesses are owned by women.
Over 13 million small businesses in the United States are owned by women. The number of women-owned businesses continues to surge with more than 800 businesses opening daily. They generate $1.9 trillion in revenue a year. In the past 20 years, woman-led businesses have increased by 114% Women of color are the fastest-growing small business demographic. 21% of woman-owned businesses are owned by Black women, 18% by Latina women, and 9% by Asian women!
4. 20% of small businesses in the U.S. are owned by minorities and 21.7% of all small business owners are immigrants.
According to the 2021 Census Bureau's Annual Business Survey, minorities make up 20% of all small businesses and account for 9.9 million jobs. Immigrant-owned small businesses account for 21.7% off small business ownership and employ approximately 8 million people. The number of minority women who own businesses has increased by 163% since 2007. Women of color account for 50% of women-led businesses in the United States!
5. Almost 35% of small businesses opened survived their 10-year mark.
In 2022, the Bureau of Labor Statistics revealed that approximately 34.6% of all small businesses opened in 2012 made it to their 10-year mark in 2022 and remain open! Key factors to survivability include market knowledge, pricing, brand identity, and capital! We hope this percentage continues to rise!
Whether it be the percentage of small businesses that have survived 10+ years or the rapid rise of the female entrepreneur, we hope you learned something today!