How Important Are Small Businesses to the U.S. Economy? – SmallBusinessNotes.com

How Important Are Small Businesses to the U.S. Economy?ShareThis Small firms:Represent 99.7 percent of all employer firms.Employ half of all private sector employees.Pay 45 percent of total U.S. private payroll.Have generated 60 to 80 percent of net new jobs annually over the last decade.Create more than 50 percent of nonfarm private gross domestic product GDP.Supplied more than 23 percent of the total value of federal prime contracts in FY 2004.Produce 13 to 14 times more patents per employee than large patenting firms. These patents are twice as likely as large firm patents to be among the one percent most cited.Are employers of 41 percent of high tech workers such as scientists, engineers, and computer workers.Are 53 percent home-based and 3 percent franchises.Made up 97 percent of all identified exporters and produced 26 percent of the known export value in FY 2002.

via How Important Are Small Businesses to the U.S. Economy? – SmallBusinessNotes.com.

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