California Small Businesses Employed Almost Half of Private Sector Workforce
Tuesday, April 30, 2019
According to the recently released 2019 Small Business Profiles, produced by the U.S. Small Business Administration’s Office of Advocacy, California small businesses employed 7.1 million people, or 48.8 percent of the private workforce in 2016. That same year, small businesses created 249,508 wjobs.
The report also showed that in the third quarter of 2018, California grew at an annual rate of 3.5 percent, which was faster than the overall U.S. growth rate of 3.4 percent. In February 2019, the state’s unemployment rate was 4.2 percent, down from 4.3 percent in February of 2018.
The Small Business Profiles are an annual portrait of each state’s small businesses. They gather the latest federal data into state-by-state snapshots of small business health and economic activity. Limited economic data is also provided for the U.S. territories.
This year’s profiles report on state economic growth and employment. They also answer the questions:
- How many small businesses are in my state?
- How many jobs do they create?
- Which industries have the most small businesses and small business jobs?
- How many establishments opened and closed?
- How many small businesses export, and how much?
- Which counties have the most small business employment?
The Small Business Profiles contain 50 individual state profiles, plus profiles for the United States, District of Columbia, and five U.S. territories.
The Small Business Profiles are produced by the U.S. Small Business Administration’s Office of Advocacy. Each report incorporates the most up-to-date government data to present a unique snapshot of small businesses. Small businesses are defined for this profile as firms employing fewer than 500 employees. Net small business job change, employees of minority-owned businesses, and exporter share statistics are based on the 2016 Statistics of US Businesses (SUSB), 2016 Annual Survey of Entrepreneurs (ASE), and 2016 International Trade Administration (ITA) data, respectively
Category: Business News, Economic News