Last week was National Small Business Week. Celebrating more than 60 years, this event recognizes the significant contributions of America's entrepreneurs and small business owners. There were many celebrations this year.
The U.S. Census Bureau has been tracking business formation statistics since 2004, and data released earlier this year showed nearly 16 million new business filings have been recorded since the Biden-Harris administration took office. This is an unprecedented number. This represents an approximately 85% increase in average monthly application flow compared to the period from 2004 to January 2021. The monthly average of 440,000 new business applications over the past three years is a 46% increase over the combined average from 2017 to 2020. .
“As we mark National Small Business Week again this year, we recognize the significant progress women-owned businesses have made over the past several years,” said Jen Earle, president and CEO of the National Association of Women Business Owners. I'm excited to have this opportunity,” said Nowbo. “Starting in 2021, women entrepreneurs are at the forefront of historic growth in new small businesses. In 2023 alone, women-owned businesses will generate an estimated $2.1 trillion in revenue and increase the number of employees. 10.5 million people, with an estimated annual payroll of $499.4 billion.
The Small Business Administration (SBA) also released a procurement scorecard showing that the Biden-Harris administration awarded a record $178.6 billion in federal contracts to small businesses across federal agencies in fiscal year 2023.
“This milestone is significant, first because it represents an increase of more than $15 billion from the previous fiscal year, including increases in nearly every demographic of minority-owned businesses.” National LGBT Chamber of Commerce ( said Justin Nelson, president and co-founder of NGLCC.
“While we are encouraged by the SBA Federal Procurement Scorecard, which shows a historic $178.6 billion investment in the small business economy, we remain hopeful that the federal government will fall short of its 5% goal for women-owned small businesses. We would be remiss if we did not acknowledge that the Women in Business Program (WOSB), President and CEO of Women Influencing Public Policy (WIPP). states. “This year, the government moved closer to reaching its goal with more than $30 billion in federal contract funding, up from $28 billion a year ago.
Additionally, the Personal Consumption Expenditure Price Index shows inflation is down two-thirds from its peak and at its lowest level in nearly three years. Meanwhile, incomes have increased by more than 2% since last year, accounting for inflation, and the unemployment rate has remained below 4% for two full years, the longest such streak in half a century.
This may explain why optimism among small businesses is at its highest in more than 20 years. PNC's latest semi-annual survey of small businesses found that 55% are very optimistic about the domestic economy, up from 26% a year ago. Additionally, 79% said they were very optimistic about the outlook for their business. This is the highest level of optimism in 22 years. Positive outlook among CEOs is also high, with 77% expecting sales to increase over the next six months, according to the Business Roundtable Q1 CEO Economic Index.
“This day in celebration of National Small Business Week is an opportunity to recognize the tremendous contributions and progress of small businesses in California and across the country,” said Carolina Martinez, CEO of the California Small Business Association. Chance (cameo appearance).
This optimism appears to extend to consumers as well, with the White House's National Economic Council (NEC) reporting that GDP grew faster in the second half of 2023 than at any point between 2015 and the pandemic. . NEC also found that consumer confidence is up nearly 30%, further increasing the current rate of increase under Presidents Obama, Bush, Clinton, and Reagan. Growth is being felt across the country.
“Asian American, Native Hawaiian, and Pacific Islander (AANHPI) business owners represent one of the most powerful segments of the economy, with AANPI purchasing power reaching $1.6 trillion this year alone. AANHPI companies employ more than 5 million people, the majority of whom have an optimistic outlook for the future of their businesses.'' said Chirin Tong, president and CEO of the American Chamber of Commerce.
It’s important to remember that just four years ago, the dates of National Small Business Week had to be changed due to COVID-19. The optimism now being expressed shows how much Main Street has progressed since then.
But any small business owner will tell you that you can't rest on your laurels and that a crisis can strike at any time. More work is needed to lower health care costs, improve access to capital, level the tax playing field, and make Main Street more stable and prosperous.