Impact of Minority Businesses on the U.S. Economy $1.4 Trillion Dollars annual gross #minority #Business #US

Channel 1 Los Angeles



30.2 million Small Businesses 58.9 million Small Business Employees
99.9% of United States Businesses 47.5% of United States Employees

Multiple economic indicators consistently signaled a strengthening US economy in 2017. In the third quarter of 2017, the
United States grew at an annual rate of 3.4%. The United States’s 2016 growth rate of 1.5% was down from the 2015 rate
of 2.7%. (Source: BEA)
• The employment situation in the United States continued to improve. In February 2018, the unemployment rate was 4.1%,
down from 4.7% in February 2017. (Source: CPS)

United States small businesses employed 58.9 million people, or 47.5% of the private workforce, in 2015. (Source:
• Firms with fewer than 100 employees have the largest share
of small business employment. Figure 1 provides further
details on firms with employees. (Source: SUSB)
• Private-sector employment increased 1.8% during the 12­
month period ending in February 2018. This was above the
increase of 1.0% during the prior 12-month period. (Source:
• The number of proprietors increased in 2016 by 2.3% relative to the previous year. (Source: BEA)
• Small businesses created 1.9 million net jobs in 2015. Firms
employing fewer than 20 employees experienced the largest
gains, adding 1.1 million net jobs. The smallest gains were
in firms employing 100 to 499 employees, which added
387,874 net jobs. (Source: SUSB)

The number of banks decreased by 271 between June 2016 and June 2017 to 5,787 banks. (Source: FDIC)
• In 2016, 5.7 million loans under $100,000 (valued at $82.6 billion) were issued by United States lending institutions reporting
under the Community Reinvestment Act. (Source: FFIEC)
• The median income for individuals self-employed at their own incorporated businesses was $50,347 in 2016. For individuals
self-employed at their own unincorporated firms, this figure was $23,060. (Source: ACS)

In the third quarter of 2016, 240,000 establishments started
up, generating 872,000 new jobs in the United States. Startups are counted when business establishments hire at
least one employee for the first time. (Source: BDM)
• In the same period, 215,000 establishments exited resulting
in 749,000 jobs lost. Exits occur when establishments go
from having at least one employee to having none, and then
remain closed for at least one year. (Source: BDM)
• Figure 3 displays quarterly startups and exits from 1992 to
2016. Each series is smoothed across multiple quarters to
highlight long-run trends. (Source: BDM)


A total of 294,834 companies exported goods from the United States in 2015. Of these, 287,835, or 97.6%, were small

firms; they generated 32.9% of the United States’s $1.3 trillion in total exports. (Source: ITA)


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