Small Business Playing Big Economic Role
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndiana's small businesses are continuing to play a significant part in fueling the state's economy. A report from the U.S. Small Business Administration Office of Advocacy says nearly 500,000 small businesses accounted for more than one million Hoosier jobs in 2011. It shows the sector is growing, with more than 15,000 net new jobs that year. The office says the industries with the most small business employment were manufacturing, health care and accommodation and food services.
The report defines a small business as one with fewer than 500 employees.
You can see Indiana's profile by clicking here.
June 18, 2014
News Release
Washington D.C. — The Office of Advocacy, an independent office within the Small Business Administration, released a report entitled Small Business Profiles for the States and Territories, an annual analysis of each state’s small business activities. In a new and improved format, the profile includes information on the number of firms, employment, demographics and other topics using the most recently available government data.
“Indiana's small businesses contribute so much to the state's economy,” said Dr. Winslow Sargeant, Chief Counsel for Advocacy. “Representing 47.4 percent of the state's private workforce, no one can doubt the significant role small businesses play in our economic landscape. I hope our state and national leaders will continue to recognize the importance of the American entrepreneur and utilize today’s research to move forward constructive policies for America’s financial foundation—our small businesses.”
Some highlights of the profile include:
• Indiana is home to 493,138 small businesses.
• Indiana's small businesses employ 1,157,117 individuals.
• The three industries with the most small business employment are manufacturing, health care & social assistance, and accommodation & food services.
• Small businesses made up 84.9 percent of Indiana's exporting companies generating 16.4 percent of the state’s total known export value.
Background: The Small Business State and Territory Profiles report on the economic status of small business from 2010 to 2013. The profiles are a reference tool for researchers, policymakers, and small entities who are interested in how small firms are performing regionally or nationally. Note that this report generally defines small businesses as firms with fewer than 500 employees.
The Office of Advocacy of the U.S. Small Business Administration (SBA) is an independent voice for small business within the federal government. The presidentially appointed and Senate-confirmed Chief Counsel for Advocacy advances the views, concerns and interests of small business before Congress, the White House, federal agencies, federal courts and policymakers. Regional advocates and an office in Washington, D.C., support the Chief Counsel’s efforts. For more information, visit www.sba.gov/advocacy, call (202) 205-6533 or get updates on Twitter (@AdvocacySBA) or Facebook at www.facebook.com/AdvocacySBA.
Source: U.S. Small Business Administration