The Small Business Administration (SBA) today released updated state Small Business Profiles incorporating the latest government data to present a unique snapshot of each state’s small businesses. Small businesses are defined for this profile as firms employing fewer than 500 employees.
This is National Small Business Week, when the SBA highlights the contributions of the nation’s entrepreneurs.
The updated state profile says New Jersey small businesses employed 1.8 million people, or 49.8% of the private workforce, in 2015, with the largest share working at businesses with fewer than 100 employees.
Small businesses created 33,072 net jobs in 2015. Firms employing fewer than 20 employees experienced the largest gains, adding 22,698 net jobs. The smallest gains were in firms employing 20 to 99 employees, which added 1,423 net jobs.
For every business that opens, however, one closes. In the third quarter of 2016, 6,199 establishments started up, generating 25,490 new jobs in New Jersey. In the same period, 6,320 establishments exited resulting in 21,603 jobs lost.
Some other developments:
- Private-sector employment decreased 0.4percent during the 12-month period ending in January 2018.
- The number of proprietors increased in 2016 by 2.7 percent relative to the previous year.
- The median income for individuals self-employed at their own incorporated businesses was $60,462 in 2016.
- New Jersey banks granted more than 210,000 loans under $100,000 each.