Top Ten Small Business Stats You Need to Know

Top Ten Small Business Stats You Need to Know
September 19, 2024
By Bob Coleman, Publisher & Founder

I love stats and here are some important one’s from SBA’s Office of Advocacy July 2024 report.

1) Small businesses account for 65.3% of new job creation and employ 45.9% of private sector employees. 

2) Small businesses contribute 43.5% to the nation’s GDP.

3) There are 6.3 million small businesses with employees.

4) In 2022, 71% of small businesses had outstanding debt, which is below the peak of 79% during the COVID-19 pandemic in 2020.

5) That same year, 87% of small businesses received financial assistance related to COVID-19, while in 2023, this figure decreased to 28%.

6) The average small business had 11 employees in 2021, while large firms averaged 3,302 employees. 

7) Startups less than two years old averaged six employees.

8) Immigrants own 18.5% of small businesses, and startups make up 15.7% of new businesses.

9) In 2022, 1.4 million small businesses opened, while 1.2 million closed down operations.

10) Only 4.6% use AI technology.