The U.S. Small Business Administration defines a small business as a firm with revenue ranging from $1 million to over $40 million and an employee workforce of under 500.5 Based on the SBA’s definition, the 33.2 million small businesses in the United States make up 99.9% of all firms across the country.27
These businesses form the backbone of the United States economy as not only a vital source of innovation and employment opportunities but also a huge driver of the nation’s financial growth.
We’ve researched the latest data and statistics in the U.S. and around the world to bring you the big picture of small businesses and the factors that shape their struggles and successes.
Key small business statistics
Here’s a roundup of the key small business statistics in 2024:
- Small businesses make up 99.9% of all U.S. firms, with around 33.3 million of these businesses in total across the country.28 They’re also responsible for almost two-thirds of newly created jobs in the U.S. between 1995 and 2021.27
- Small businesses also comprise 99.7% of firms with paid employees and 97.3% of exporters while contributing 43.5% of the country’s total gross domestic product (GDP).29
- Small- and medium-sized enterprises are the backbone of our world economy, with over 400 million existing worldwide.31
- According to Fora Financial, there are nearly 36,000 small businesses that are making $1 million to $2.5 million per year.9
- Self-employed small…
