21+ US Small Business Statistics You Didn’t Know in 2024

Posted under: MSME
Date: 2024-01-09
21+ US Small Business Statistics You Didn’t Know in 2024

Small businesses, often more vulnerable to economic pressures, show surprising resilience as the backbone of the US economy. The US Small Business Administration's 2022 survey indicates a staggering 33.2 million small businesses, constituting 99.9% of all businesses. Small businesses struggle with 34.6% survival beyond a decade, with 80% surviving the first year. Diversity is prevalent, but inflation concerns affect 32% of operators. Small businesses create 12.9 million jobs between 1996 and 2021, employing 46.4% of US workers. Financial support from the SBA is crucial, with 96% maintaining separate accounts. Supply chain disruptions impact 85% of small businesses, while cybersecurity concerns are increasing. 64% expect improved revenue, and small businesses gain consumer preference. Retail dominates, with 18% owned by Millennials. The average small business owner earns $60,151 annually.

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