Washington state economic recovery depends on health of small businesses

Washington’s economic recovery will depend on small businesses. That message is driven home in the newly updated Washington Small Business Profile released today by the Office of Advocacy of the U.S. Small Business Administration. The most recent data shows that the state has 147,948 small employers, and they employ 98.2 percent of the state’s workforce.

Washington’s economic recovery will depend on small businesses. That message is driven home in the newly updated Washington Small Business Profile released today by the Office of Advocacy of the U.S. Small Business Administration. The most recent data shows that the state has 147,948 small employers, and they employ 98.2 percent of the state’s workforce.

“Washington depends on small business for jobs and economic growth,” said Shawne McGibbon, Acting Chief Counsel for Advocacy. “During this time of financial stress and economic instability, policymakers need to remember that the state’s small businesses provide the economic base for its families and communities.”

To further highlight the importance of small business, the updated profile notes that small businesses created 94.4 percent of the state’s net new jobs from 2004 to 2005 (latest available data).

Not only does the state’s economy depend on the health of its small businesses — so, too, does the economy of the United States.

The United States has slightly more than 6 million small employers, or 99.7 percent of all employer firms, and they provide 50.4 percent of its private sector employment. These firms created 78.9 percent of the nation’s net new jobs from 2004 to 2005, and they generated more than half of the private non-farm gross domestic product.

The Office of Advocacy, the “small business watchdog” of the federal government, examines the role and status of small business in the economy and independently represents the views of small business to federal agencies, Congress, and the president. It is the source for small business statistics presented in user-friendly formats, and it funds research into small business issues.

For more information and a complete copy of state and territory small business profiles, visit the Office of Advocacy Web site at www.sba.gov/advo.




In consideration of how we voice our opinions in the modern world, we’ve closed comments on our websites. We value the opinions of our readers and we encourage you to keep the conversation going.

Please feel free to share your story tips by emailing editor@mi-reporter.com.

To share your opinion for publication, submit a letter through our website https://www.mi-reporter.com/submit-letter/. Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) We reserve the right to edit letters, but if you keep yours to 300 words or less, we won’t ask you to shorten it.

More in News

t
Trees aplenty at YFS lot

Don Kovarik trims a tree at the Mercer Island Youth and Family… Continue reading

t
Island Freemasons rename lodge in honor of Dean LeClare Quigley

Ceremony for dedicated member took place on Dec. 2.

t
School district seeks ballot measure committees

The Mercer Island School District seeks interested parties to prepare statements in… Continue reading

t
Recology offers holiday cardboard recycling tips

As residents receive or purchase gifts this holiday season, the city’s recycling… Continue reading

Screenshot
King County weather: Dec. 3-5

Here is your King County area weather forecast for Dec. 3-5, 2021.… Continue reading

Keith Wagoner
Senator becomes first GOP candidate for secretary of state

Sen. Keith Wagoner will challenge Democrat Steve Hobbs, who was appointed to the statewide post in November

The Federal Way Performing Arts and Event Center is located at 31510 Pete von Reichbauer Way S. Olivia Sullivan/the Mirror
FEMA to send mobile COVID-19 vaccination unit to Western Washington

The mobile site is set to open Dec. 20 in Federal Way; additional locations to come.

t
School district opens new Pathways building for Adult Transition Program

Building is located on the Northwood Elementary site.

Courtesy of the Centers for Disease Control and Prevention
Washington health officials discuss response to new COVID variant

Things will be handled with Omicron variant similar to the Delta variant.

Most Read