The Office of Advocacy, an independent office within the Small Business Administration, released a report titled “Small Business Profiles for the States and Territories,” an annual analysis of each state’s small business activities. In a new and improved format, the profile includes information on the number of firms, employment, demographics and other topics using the most recently available government data.
“New Jersey’s small businesses contribute so much to th estate’s economy,” said Dr. Winslow Sargeant, Chief Counsel for Advocacy. “Representing 50 percent of the state’s private workforce, no one can doubt the significant role small businesses play in our economic landscape. I hope our state and national leaders will continue to recognize the importance of the American entrepreneur and utilize today’s research to move forward constructive policies for America’s financial foundation—our small businesses.”
Some highlights of the profile include:
• New Jersey is home to 803,664 small businesses.
• New Jersey’s small businesses employ 1,689,016 individuals.
• The three industries with the most small business employment are health care & social assistance, professional, scientific and technical services. and accommodation and food services.
• Small businesses made up 92.4 percent of New Jersey’s exporting companies, generating 42.5 percent of the state’s total known export value.Related Articles: