Small businesses have been throttled by the pandemic, supply-chain glitches, labor shortages and inflation, yet the category as a whole has shown a resilience.
“We’ve noticed more small businesses getting formed, and they’re looking for a way to manage their business in a single location,” said Gina Taylor, executive vice president and general manager of business blueprint and banking for American Express.
The number of small businesses in the U.S. reached 33.2 million in 2022, according to the Small Business Administration. That’s up from 32.5 million in 2021, 31.7 million in 2020 and 30.7 million in 2019.
Small businesses also do most of the hiring. Eighty percent of the 10.3 million job openings in the U.S. at the end of 2022 were at businesses with fewer than 250 employees, according to the U.S. Bureau of Labor Statistics. There are 3 million more job openings at small businesses today than before the pandemic, versus 250,000 more at large companies.
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Based on a 2023 article from American Banker and writer by John Adams