Texas now home to 2.4 million small businesses

Today, the Office of Advocacy, an independent office within the Small Business Administration, released the annual Small Business Profiles. The user-friendly data-rich profiles capture vital information on the U.S. and state-level economic growth, industry, and jobs using completely reproducible data from the leading government statistical agencies.

"Continuing Advocacy's efforts to modernize and improve the application of our products, this year's Small Business State Profiles have elevated the bar of usability," said Chief Counsel for Advocacy Darryl L. DePriest. "This transparent format allows for anyone to reproduce and create their own small business profiles specific to their needs or the needs of their stakeholders."

"The revamped design and the intuitive charts allow Texas's small businesses to better understand the contributions they make to their community and the critical role they play in Texas's economic success," said Chief Economist and Director of Economic Research Christine Kymn.

Top line national small business statistics include:

• Texas is home to 2.4 million million small businesses.

• Texas small businesses represent 98.6% of all businesses with employees and employ about 45.6% of the nation's private-sector workforce.

• Small businesses with fewer than 100 employees have the largest share of small business employment.

• The three Texas industries with the most small business jobs are Health Care and Social Assistance with 652,108 jobs, Accommodation and Food Services with 560,550 jobs, and Construction with 402,297 jobs.

• The number of minority-owned firms increased by 48.0% between 2007 and 2012.

• Small businesses made up 93.2% of Texas exporting companies and generated 34.9% of Texas's total known export value.

The Texas profile is available on the Office of Advocacy website.

Background: The Small Business Profiles report on the economic status of small business from 2010 to 2015. The profiles are a reference tool for researchers, policymakers, and small entities who are interested in how small firms are performing regionally or nationally. Note that the profiles generally define small businesses as firms with fewer than 500 employees.