Small businesses play a vital role in America’s economy. Every year since 1963, the United States has dedicated a week to the contributions of these independent companies and the workers who make them a key part of both national and local economies. May 12 -16, 2014 marks the 51st annual National Small Business Week.
Today, there an estimated 27 million small businesses in the United States employing almost 60 million people. This week, House Republicans are celebrating the employees, innovators, and creators who made that growth possible.
Did you know:
America’s small businesses are the engines of job creation, creating 60% – 80% of net jobs. In the past 17 years, small businesses have generated 67% of all new jobs.
Between 1997 and 2013, the number of women-owned firms increased by 59%, exceeding the national average of all business growth by 18% . As of 2013, there are an estimated 8.6 million women-owned businesses in the United States, accounting for 46% of all U.S. companies.
Small businesses are innovators, producing 16.5 more patents per employee than large firms. These creative ideas are what set America apart with with new products and services that are changing the world and growing our economy at home.
Yet unfortunately, an overwhelming majority of small companies have suffered significantly due to health care costs. Under Obamacare, 91% of small businesses reported increases in their health insurance – over 11 million small business employees will see their premiums increase.
This week, House Republicans celebrate the millions of small business workers and founders who have channeled their passions into businesses that stimulate and strengthen the American economy. We are committed to helping small business owners and employees succeed in an America that works with less government red tape, a simpler tax code, and affordable health care.