SBA’s Office of Advocacy: NJ is Home to More Than 800,000 Small Businesses

On Apr 8, 2016

New Jersey is home to 820,303 small businesses, according to the Office of Advocacy’s, an independent office within the US Small Business Administration, 2016 annual New Jersey State Small Business Profile that was recently released.

“The user-friendly data-rich profiles capture vital information on the US and state-level economic growth, industry, and jobs using completely reproducible data from the leading government statistical agencies,” said Chief Counsel Darryl L. DePriest.

In addition to number of small businesses located in New Jersey, the profile also highlights the following data:

• New Jersey small businesses represent 98.3 percent of all businesses with employees and employ about 50.1 percent of the nation’s private-sector workforce.
• Small businesses with fewer than 100 employees have the largest share of small business employment.
• The three New Jersey industries with the most small business jobs are Health Care and Social Assistance with 278,672 jobs, Professional, Scientific, and Technical Services with 184,297 jobs, and Accommodation and Food Services with 181,769 jobs.
• The number of minority-owned firms increased by 30.0 percent between 2007 and 2012.
• Small businesses made up 92.1 percent of New Jersey exporting companies and generated 45.6 percent of New Jersey’s total known export value.

“The revamped design and the intuitive charts allow New Jersey’s small businesses to better understand the contributions they make to their community and the critical role they play in New Jersey’s economic success,” said Chief Economist and Director of Economic Research Christine Kymn.

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