From the SBA's news desk...

Nation’s Economy Driven by Small Business

Create 75 Percent of Net New Jobs According to Latest Statistics

WASHINGTON, D.C. - Small business drives the nation’s economy, according to a new report released today by the Office of Advocacy. The report reveals that over 99 percent of all American businesses are small, they create 75 percent of the net new jobs, and they employ over half of the nation’s non-farm private employees.

“Main Street is where America goes to work,” said Thomas M. Sullivan, Chief Counsel for Advocacy. “Small businesses are driving our economy and creating jobs. President Bush understands the importance of entrepreneurial enterprise, that’s why his economic program promotes small business growth. I hope this report helps other policy makers recognize the key role that small business plays in our economy,” he concluded.

The report, 2004-2008 State Small Business Profiles, uses the latest federal government statistics to show the importance of small business to each state and the nation. The 2004-2008 edition includes available statistical data for Puerto Rico and the U.S. territories as well.

Citing a variety of sources, the report shows how small business dominates several sectors of the American economy such as construction; professional, scientific, and technical services; and health care and social assistance.