Small businesses are driving new job growth. Recent data from the United States 2018 Small Business Profile reveals that small businesses added 1.9 million net new jobs during the latest year studied.
Specifically, businesses employing fewer than 20 employees experienced the largest growth, adding 1.1 million net jobs, while firms employing 100 to 499 employees saw the smallest gains with 387,874 net new jobs.
From a historical perspective, since the end of the Great Recession, small businesses have created 62 percent of all net new private-sector jobs, according to the Bureau of Labor Statistics. Sixty-six percent of new jobs were created by existing businesses, while 34 percent were generated through new businesses.
Have a small business? Get a quote for workers comp insurance today.