SCORE: Small business data
We hear stories about Minnesota's business climate and hype surrounding the topic. So, today I want to go to recent data and see what they show about small businesses in Minnesota.
The Office of Advocacy, an independent office within the Small Business Administration, released a report recently entitled Small Business Profiles for the States and Territories, an annual analysis of each state's small business activities. In a new and improved format, the profile includes information on the number of firms, employment, demographics and other topics using the most recently available government data.
"Minnesota's small businesses contribute so much to the state's economy," said Dr. Winslow Sargeant, Chief Counsel for Advocacy. "Representing 49.0 percent of the state's private workforce, no one can doubt the significant role small businesses play in our economic landscape. I hope our state and national leaders will continue to recognize the importance of the American entrepreneur and utilize today's research to move forward constructive policies for America's financial foundation — our small businesses."
Some highlights of the profile include:
• Minnesota is home to 501,551 small businesses.
• Minnesota's small businesses employ 1,173,793 individuals.
• The three industries with the most small business employment are health care and social assistance, manufacturing, and accommodation and food services.
• Small businesses made up 87.4 percent of Minnesota's exporting companies generating 32.7 percent of the state's total known export value.