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April 2008 — Vol. 86, No. 3
Small business a boon
to our economy
According to the U.S. Small Business Administration’s Office of Advocacy, Connecticut had an estimated 96,600 small employer firms (companies with 500 or fewer workers) in 2006, representing 97.5% of all employer firms in the state.
Nationwide, small businesses generate more than half of the U.S. gross domestic product, make up 97% of all identified exporters and employ about half of all private-sector employees.
In addition, “Small businesses create most of the nation’s net new jobs,” the Office of Advocacy says. “New business creation is key to a state’s ability to increase its gross state product, state personal income and total state employment.”
So it’s good news that in Connecticut last year, more new businesses (30,868) filed with the secretary of the state’s office than in any year since 1999. (The actual number is probably higher, because not all new businesses are required to file.) But the number of business stops in 2007 reached 11,372 — the most since 2003.
More than 80% of new jobs in this state come from small businesses, says the secretary of the state’s office.
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