The latest small business statistics are encouraging for the Boston Metro area and for startups around the country, according to the Small Business Administration and Entrepreneur magazine. Here’s a look at recent analytics, and the trends they reveal!
By definition, a small business is any firm or company that employees fewer than 500 people. In Massachusetts, we have 620,432 small businesses, employing about 1.4 million people. Looking at it another way, 46.4% of all Massachusetts employees work for a small business.
Economic growth in Massachusetts rose from 1.9% during 2013, to 4.2% during 2014. This helped propel a decline in Massachusetts unemployment, which fell to 4.9% at the close of 2015.
Nationally, there are about 28.4 million small businesses in operation. Small businesses account for nearly half of all private-sector employment in the U.S., employing about 56 million people! Small businesses occupy 30% to 50% of all commercial space nationwide.
Small businesses exist in virtually every industry. Some of the largest concentrations of small businesses are found in the following industries:
- Professional, scientific and technical fields
- Healthcare and social services
- Residential and commercial real estate
- Food industry and hospitality services
While business startups have flourished in recent years, young companies are being tested by the tightening labor market, and by slowing global growth. Here in the Boston Metro, analysts expect our economy to grow by just over 2% per quarter in the upcoming months. This still puts us ahead of most of the country, which has experienced average economic gains of 1.9% per quarter in the past year.
Having the right location, commercial space and lease terms can make all the difference when it comes to small business success! If you are ready to begin, relocate or expand your business, team up with an experienced commercial real estate broker at Jay Nuss Realty Group, LLC!
Whether you are thinking of buying or leasing Boston Metro commercial real estate, we can help you find the ideal property. Please contact us today for expert guidance!