According to the SBA Office of Advocacy, small businesses remain the lifeblood of the U.S. economy! On January 30, 2019, they released their most recent Small Business GDP Report which confirms that, small businesses are creating two-thirds (2/3) of net new jobs and accounting for 44% of U.S. economic activity. U.S. gross domestic product (GDP) is the market value of the goods and services produced by labor and property located in the United States. As of 2014, small business GDP measured $5.9 trillion (the most recent year data is available) with an overall growth rate of 25% or 1.4% annually.
According to Acting Chief Counsel for Advocacy Major L. Clark:
"Small businesses continue to be big contributors to the U.S. economy... While their contribution has grown at a slower rate than that of large businesses, small businesses continue to be at the forefront of driving innovation, jobs and economic growth.”
The full report, “Small Business GDP, 1998-2014,” and a summary of the research, are available on Advocacy’s website. The news release is available here.
If your small business needs help with company-sponsored retirement plans, feel free to reach out to us. We’d be more than happy to answer your questions.
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