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How important R SMALL businesses 2 the U.S. ECONOMY?
They REPRESENT 99.7$ OF ALL EMPLOYER FIRMS
How many small businesses are there?
In 2009, there were 27.5 million businesses int he United States, according to Office of Advocacy estimates. The latest available Census data show that there were 6.0 million firms with employees in 2007 and 21.4 million without employees in 2008. Small firms with fewer than 500 employees represent 99.9 percent of the total (employees and non employees), as the most recent data show there were about 18,311 large businesses in 2007.
SMALL BUSINESSES EMPLOY HALF OF ALL PRIVATE SECTOR EMPLOYEES
What is small firms' share of employment?
Small business employ about half of U.S. workers. Of 120.6 million nonfarm private sector workers in 2007, small firms employed 60.7 million. About half of small firm employment is in second-stage companies (10-99 employees_ and hald is in firms that are 15 years or older. Small firms' share of employemnt in rural areas is slightly hight that in urban areas; their share of part-time workers (22 percent_ is similar to large firms' share (19 percent). Small firms' employement share remains steadyu simce some small firms grown into large firms over time.
Small business PRODUCES 13X MORE PATENTS PER EMPLOYEE THAN LARGE PATENTING FIRMS.
Patents for small firms (business with fewer than 500 employees) are more technically important on average than those for large firms, since a small firm patent is more likely than a large firm patent to be among the top 1 percent of most frequently cited patents. In addition, small serial innovators are younger than large patenting firms, but they are not startups. The resilience of these firms makes them serial innovators, hence they concentrate in newer, science-based technologies such as biotechnology, semiconductors, and pharmaceuticals.
Hire 43% OF HIGH TECH WORKERS
(scientists, engineers, computer programmers, and others)
Pay 44% OF TOTAL U.S. PRIVATE PAYROLL
Generated 65% OF NET NEW JOBS OVER THE PAST 17 YEARS