LANSING The nation netted some 18,100 small businesses in 2003, while the number of non-incorporated self-employed rose by 369,000, according to a new report by the Office of Advocacy of the U.S. Small Business Administration. Small Business Economic Indicators for 2003 also noted that important economic indicators advanced throughout the year providing a positive outlook for future small business expansion.
The report found that 2003 said an estimated 572,900 small businesses were formed in 2003, while 554,800 were terminated. This trend resulted in a net increase in employer firms of 18,100, or 0.3 percent, while the number of non-incorporated self-employed rose by 369,000, or 3.7 percent.
“Small business plays a key role in our economy,” said Thomas M. Sullivan, Chief Counsel for Advocacy. “Entrepreneurs launch new ideas and they propel our economy’s evolution. This dynamic risk-taking results in 60 to 80 percent of the net new jobs, so when economic conditions are favorable for growth, job gains are not far behind. That is exactly what has happened.”
The Office of Advocacy, the small business watchdog of the government, examines the role and status of small business in the economy and independently represents the views of small business to federal agencies, Congress, and the President. It is the source for small business statistics presented in user-friendly formats and it funds research into small business issues.
This story was provided by content partner Small Business Association of Michigan. To learn more, click on SBAM.Org