Vermont’s economic growth attributed to small businesses

first_imgVermont’s small businesses are key to the state’s well-being and account for a significant share of the state’s economic production and hiring, according to the Office of Advocacy’s Small Business Profile for the state, released today. The profile uses the most recent data available to provide details about small business employment, business starts and closings, bank lending, business ownership by minorities, women, and veterans, and firm and employment change by major industry and firm size.‘Small business is a catalyst for economic growth in Vermont and in our nation,’ said Winslow Sargeant, Chief Counsel for Advocacy. ‘In today’s economic climate, we need to continue to support entrepreneurship and promote policies that help small businesses grow and prosper.’Small businesses totaled 79,079 in Vermont in 2008. Of these, 18,616 were employers and they accounted for 61.4% of private sector jobs in the state. Small firms made up 96.5% of the state’s employers.Vermont’s real gross state product increased by 1.7% and private-sector employment decreased by 4.2% in 2009. By comparison, real GDP in the United States grew 0.7% and private sector employment declined by 5.5%.Business ownership is becoming more inclusive in the state. The number of both women and minority business owners has grown. In particular, minority-owned businesses numbered 1,808 in 2007, an increase of 32.4% over 2002.The state’s businesses also showed signs of stability and improvement in the fourth quarter of 2009 compared to the first quarter.   This profile from the Office of Advocacy uses the latest available data to illustrate the status and contributions of Vermont small businesses. (Note that a small business is defined as one with fewer than 500 employees.)â ¢ Small businesses totaled 79,079 in the state in 2008. Of these, 18,616 were employers, and they accounted for 61.4% of private-sector jobs in the state (Table 1). Small firms made up 96.5% of the state’s employers. â ¢ Vermont’s real gross state product increased by 1.7% and private-sector employment decreased by 4.2% in 2009. By comparison, real GDP in the United States grew 0.7% and privatesector employment declined by 5.5%.  â ¢ Business ownership is becoming more inclusive in the state. The number of both women and minority business owners has grown. In particular, minority-owned businesses numbered 1,808 in 2007, a 32.4% increase over 2002.  â ¢ The state’s small business employment has undergone major shifts in recent years (Table 2).â ¢ The state’s businesses showed signs of stability and improvement in the fourth quarter of 2009 compared to the first quarter (Table 3).For more information and a complete copy of the state and territory small business profiles, visit the Office of Advocacy website at is external). The Office of Advocacy of the U.S. Small Business Administration (SBA) is an independent voice for small business within the federal government.  The presidentially appointed Chief Counsel for Advocacy advances the views, concerns, and interests of small business before Congress, the White House, federal agencies, federal courts, and state policymakers. Regional advocates and an office in Washington, D.C., support the Chief Counsel’s efforts. For more information, visit is external), or call (202) 205-6533.last_img

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