Small Business Profile shares data

Tuesday, December 1, 2009 5:01 PM MST

Small businesses will play an important role in the economic future of Wyoming. The Office of Advocacy’s Small Business Profile for the state provides details about small business employment, business starts and closings, bank lending in 2008, business ownership by minorities, women and veterans, and firm and employment change by major industry and firm size.

Small businesses have proven to be important employment generators, creating 50.8 percent of the state’s net new jobs between 2005 and 2006. They accounted for 66.2 percent of Wyoming’s total private sector employment in 2006 (using the latest available data).

Small employers in the United States numbered 6 million in 2006, and represented 99.7 percent of the nation’s employers and 50.2 percent of its private sector employment.

In 2008, the United States saw a private sector employment decline of 0.7 percent, while employment in Wyoming increased by 3.1 percent. Also in 2008, U.S. real gross domestic product increased by 0.7 percent and Wyoming’s gross state product increased by 4.4 percent.

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

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