Small Business Drives the U.S. Economy
WASHINGTON, DC, (PRNewswire), August 7, 2005 - Small business drives the U.S. economy by providing jobs for over half of the private workforce. Moreover, the latest figures show that small businesses with fewer than 20 employees increased employment by 853,074 during 2001-2002.
These and other statistics outlining small business' contribution to the economy are contained in the Small Business Profiles for the States and Territories, 2005 Edition issued today by the Office of Advocacy of the U.S. Small Business Administration (SBA).
Small businesses are job creators. Office of Advocacy funded data and research shows that small businesses represent 99.7 percent of all firms, they create more than half of the private non-farm gross domestic product, and they create 60 to 80 percent of the net new jobs.
In 2004, there were an estimated 23,974,500 businesses in the U.S. Of the 5,683,700 firms with employees, 5,666,600 were small firms (fewer than 500 employees). The latest data also show that in 2002 women owned 6,492,795 firms; Blacks owned 1,197,988 firms; Hispanics owned 1,574,159 firms; Asians owned 1,105,329 firms; and American Indians and Alaskan Natives owned 206,125 firms.
In 2004, there was strong growth of 7.3 percent in proprietor's income -- a partial measure of small business income. Business bankruptcies decreased by 2.1 percent and self-employment increased by 2.2 percent.
"Small business drives the American economy," said Dr. Chad Moutray, Chief Economist for the Office of Advocacy. "Main Street provides the jobs and spurs our economic growth. American entrepreneurs are creative and productive, and these numbers prove it."
Missouri Farmers Crippled by Dought Conditions
JEFFERSON CITY, (SLFP.com), August 7, 2005 - Gov. Matt Blunt and state Department of Agriculture Director Fred Ferrell toured Missouri farms that have been crippled by this summer's drought.
"It is difficult to understand the devastating impact of drought until you see it first hand. Drought is a natural disaster that can damage farming operations every bit as much as a tornado or a flood," Blunt said. "I want Missouri's hardworking farm families to know that I will continue to do everything in my power to ensure they have access to all available resources to help surmount these difficulties."
Blunt has activated Missouri's Drought Assessment Committee and asked the USDA Farm Service Agency to complete crop damage assessment reports for every Missouri County. Once these assessments are complete, the governor will formally request USDA secretarial disaster declarations for eligible counties, making federal assistance available to farmers in those counties.
Blunt and Ferrell visited farms in Boone, Adair, Marion, Jasper and Greene Counties.
"Everywhere we visited it was evident that we will need more than a few inches of rain to recover from this drought. Damage to row crops across the state is extensive and the heavy burden that has been placed upon our livestock producers is unsustainable," Ferrell said. "Our governor has already taken the important steps needed in being instrumental in sustaining our farm families through this challenging time."
Conditions continue to worsen across much of Missouri with 105 counties now in various phases of drought. Missouri's Drought Assessment Committee has categorized 30 Missouri counties in the drought conservation phase. Another 35 counties are under a drought alert, and 40 are under a drought advisory.
Some of the impacts Blunt witnessed include severely reduced crop yields of both corn and soybeans and scorched pastures. He also heard farmers' reports of early hay feeding to livestock, dried up ponds, and livestock stress, with some livestock and poultry death losses due to extreme heat.
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