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How Small Businesses Impact Our Economy

May 7, 2022

Adam Grundy, Supervisory Statistician, Census Bureau’s Economic Management Division Every year since 1963, U.S. presidents have issued a Small Business Week proclamation to recognize the contributions of entrepreneurs and small business owners. The theme of Small Business Week 2022, which runs the first week of May every year, is “Building…

Adam Grundy, Supervisory Statistician, Census Bureau’s Economic Management Division

Every year since 1963, U.S. presidents have issued a Small Business Week proclamation to recognize the contributions of entrepreneurs and small business owners.

The theme of Small Business Week 2022, which runs the first week of May every year, is “Building a Better America Through Entrepreneurship.”

To celebrate, the Small Business Administration (SBA) is hosting a four-day virtual summit and other activities.

The U.S. Census Bureau not only recognizes the importance of all small businesses but provides resources and tools to help them.

How Many Small Businesses Are There in the United States?

Based on the SBA definition of a small business as an establishment with fewer than 500 employees, there were 7,977,623 small businesses in 2020, up from 7,936,977 the previous year, according to County Business Patterns.

In addition to these employer businesses, there are many self-employed entrepreneurs that contribute to the economy. Businesses with no paid employees are included in the Nonemployer Statistics program.

These small businesses operated in retail, manufacturing, services and most other sectors of the economy.

Recognizing Small Business Week

A new Census website provides a one-stop compilation of resources, data tools, and free training for small businesses to highlight their importance to the economy. Among them:

Social Media links. Ways to spread the word about Small Business Week.

Census Business Builder: Small Business Edition V. 4.1. A suite of services designed to help entrepreneurs examine their competitors and the best location(s) to start their businesses. Go to:  https://cbb.census.gov/sbe/?#

Small Business Census Website. A Census-designed website that helps businesses identify their customer’s needs.  Go here:  https://www.census.gov/topics/business-economy/small-business.html

Census Training. Targets specific needs such as this Starting a Small Business webinar.  Go here:  https://www.census.gov/data/academy/webinars/2021/starting-a-small-business.html

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