The U.S. Small Business Administration (SBA) Office of Advocacy has released the annual Small Business Profiles for the States and Territories. The state-by-state profiles are a snapshot of the economic status of American small business. The profiles utilize the most up-to-date information pertaining to small business employment; bank lending; business startups and closings; small business income; and business ownership separated by minorities, women, and veterans. The profiles are viewed as a helpful resource to aid small businesses, legislators, educators, government officials, and policymakers in each state.
Highlights from Georgia’s small business profile:
- In 2009 there were 902,694 small businesses in the state of Georgia. Of these, 167,864 were employers and they accounted for 45 percent of private sector jobs in the state. Small businesses made up 97.7 percent of Georgia employers.
- Small businesses in Georgia employed 1.5 million workers in 2009 with most of the employment coming from firms with 20-499 employees.
- Most of Georgia’s small businesses are very small as 81.1 percent of all businesses did not have employees and most employers have fewer than 20 employees.
- Throughout 2010, the number of opening establishments in Georgia was lower than closing establishments but the net employment change from this turnover was positive.
- Georgia’s real gross state product decreased 1.6 percent and private-sector employment decreased 1.4 percent in 2010.
- Self-employment in the Georgia surged over the last decade. Minority self-employment fared the best compared with other demographic groups during the decade.
Source: SBA Office of Advocacy
“Small businesses are the foundation of our nation’s economic growth,” said Dr. Winslow Sargeant, Chief Counsel for Advocacy in a statement. “By supporting policies that promote innovation and entrepreneurship, we help small businesses tackle these challenging economic times. These statistics are a resource for a path to economic growth.”
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