Dr. Winslow Sargeant is the sixth Chief Counsel for Advocacy of the U.S. Small Business Administration’s Office of Advocacy, appointed by President Obama August 19, 2010. The Office of...
Small Business Economy 2011
Small Business Economy 2011:
Small Firms Continue to Outperform Large Firms in Job Creation
WASHINGTON, D.C. – Quarter by quarter, small businesses outperformed large firms in net job creation nearly three out of four times from 1992 through 2010 when private-sector employment rose, according to the Office of Advocacy’s Small Business Economy 2011, released today.
“For the past 30 years, the Office of Advocacy has produced a series of annual reports on American small businesses,” said Chief Counsel for Advocacy Winslow Sargeant. “This year for the first time we’re pleased to increase the accessibility and usability of the information by presenting the key data in a new format online.”
From 1982 to 2000, the Office of Advocacy produced an annual report titled The State of Small Business; from 2001 to the present, The Small Business Economy. This is a rich collection of information about small business contributions to the economy and trends over time. Highlights of tables in this year’s report include the following:
- Total lending for loans under $1 million was $606.9 billion in June 2011.
- Total initial public offerings increased from a value of $6.8 billion in 2009 to $18.0 billion in 2009 to $36.3 billion in 2010.
- The number of employer firms has fluctuated from just under 5 million to just over 6 million firms over the past 25 years, while the larger number of firms without employees has increased steadily, from about 14 million in 1992 to nearly 22 million in 2010.
- Many macroeconomic indicators, such as sales, which slowed from 2005 to 2009, are now picking up again.
- By demographic group of business owners, the most dramatic increase was in Hispanic business owners, up 86 percent over the 2000-2010 period.
The Small Business Economy 2012 is on the Advocacy website: http://www.sba.gov/sites/default/files/SBE_2011_2.pdf.
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 state policymakers. Regional advocates and an office in Washington, D.C., support the Chief Counsel’s efforts. For more information, visit http://www.sba.gov/advocacy, or call (202) 205-6533.