Small business impact on N.H. economy reviewed in SBA report
The U.S. Small Business Administration has released a new report on the impact of small businesses on the New Hampshire economy – and that impact is significant.
According to the report, New Hampshire's 132,641 small businesses made up 96.1 percent of all employers in the state in 2010, and they employed 50.7 percent of the private sector labor force. That's an even larger share of the workforce than the nation as a whole. Nationally, there were 27.8 million small businesses in 2010, representing 99.7 percent of all employers, and they employed 49.1 percent of the U.S. private sector labor force.
According to the SBA, small businesses in New Hampshire employed a total of 284,938 workers in 2010, with most of the employment coming from firms with between 20 and 499 employees.
The report, "The Small Business Profile for the States and Territories," also finds that self-employment in New Hampshire grew over the last decade, with minority self-employment experiencing the largest growth.
The profile contains other statistical information about New Hampshire's economy, including: • In 2011, the state's gross state product increased 3.1 percent and private sector employment increased 1.1 percent. • The state's unemployment rate decreased by 0.7 percent in 2011. • In the midst of the recession, from 2007-2010, the employment situation was weak, and small businesses in New Hampshire had a net job loss. • 76.8 percent of all small businesses in New Hampshire have no employees and most have fewer than 20 employees. • Self-employment in New Hampshire grew by 17.2 percent from 2000-2010.last decade by 17.2 percent.
New Hampshire's small business profile can be downloaded by visiting the SBA Office of Advocacy's website at http://www.sba.gov/advocacy/848