Is Small Business Important to the U.S. Economy?
The US economy is going through what might be the slowest recovery in its history. Unemployment rates are sky high and people want answers as to why these large companies aren’t hiring more people. News and media stories have spent plenty of time covering the shortcomings of wall street investment firms, oil companies and automobile corporations. But what about the importance of small business?
Did you know that small businesses in the United States make up 99% of the employers, yet they account for only 30% of the total annual payroll? Companies with less than 100 employees make up half of the country’s employers. Those numbers mean that helping small business owners is going to be critical to lowering unemployment and growing our economy n the coming years. Small businesses currently employ over a third of our population and if it is able to grow then employment will grow with it.
Check out this infographic with more info about how important small business is in the U.S.