The Scale of Small Business Impact

The importance of small businesses in driving economic growth and job creation is not just anecdotal; it's a well-established fact supported by decades of research and data from authoritative sources. The U.S. Small Business Administration (SBA), the U.S. Bureau of Labor Statistics (BLS), and numerous academic studies have consistently highlighted the outsized role of small businesses in the American economy.

National and Idaho Statistics

According to the U.S. Small Business Administration, there are 33.3 million small businesses in the United States, constituting an overwhelming 99.9% of all U.S. businesses. This statistic alone underscores the pervasive presence of small firms in the economic landscape. In Idaho, the impact is even more pronounced, with small businesses employing 55% of the state's private workforce, compared to 46% nationally. This 9 percentage point difference illustrates the heightened significance of small firms to Idaho's economy relative to the country overall.

Job Creation Power

The job creation power of small businesses has been a consistent trend over time. Over the past 25 years, small businesses have been responsible for generating nearly 13 million net new jobs nationally, accounting for approximately two-thirds of all new jobs added to the economy during this period. This long-term trend, spanning multiple economic cycles, demonstrates the enduring role of small businesses as job creators.

In Idaho, the impact is even more striking. Small businesses have contributed an even greater share of job growth, accounting for 79% of net job creation from 2013 to 2023. This figure, derived from U.S. Bureau of Labor Statistics data, is particularly telling. The BLS, as a primary source of labor market information in the United States, provides authoritative and rigorously compiled statistics that speak for themselves in highlighting the critical role of small businesses in Idaho's job market.