by Ray Hayes
As the prophets of the Shaolin famously said (sort of), small businesses make the world go ‘round.
Most Americans work for a small business in some capacity and, based on reports, that number is growing. Today, two out of three private sector jobs are created by small businesses, a stat that has been around since the Great Recession of 2008. Furthermore, the ACA International reports that, “…companies with fewer than 500 employees have created 62 percent (8.3 million) of the net new private-sector jobs (13.4 million), matching their historic rate over the last 25 years, according to the Office of Advocacy’s fact sheet.” In addition, the US Small Business Administration has reported that “Over the last two decades, 66 percent of the private-sector net new jobs were from existing businesses and 34 percent were from business turnover (gains from startup business establishments minus losses from closures).” Those existing businesses also make up close 90 percent of new private sector jobs as well.
A job well done for small firms and an even bigger reason why new legislation such as tax reform must look to benefit American businesses helping to grow the economy. For more information on the job creation in the US, click here.