Ohio’s Small Business Profile Charts Workforce

WASHINGTON, D.C. – Ohio is home to 927,691 small businesses that employ 2.1 million people or 46.2% of the state’s private workforce, the Small Business Administration reported today.

By comparison, small businesses in Pennsylvania employ 2.4 million people or 46.9% of the private workforce. In the third quarter of 2015, the commonwealth’s overall economy grew at an annual rate of 2.5%, faster than the overall U.S. growth rate of 1.9%.

Ohio’s overall economy grew at an annual rate of 2.3% in the third quarter.

The statistics were compiled by the SBA’s Office of Advocacy, which released its “Small Business Profile” for all 50 states.

“This year’s Small Business State Profiles have elevated the bar of usability,” Darryl L. DePriest, chief counsel for the Office of Advocacy, said in a news release.

The profiles contain information from government statistical agencies that chart industry and job growth by state. Small businesses are generally defined as companies with fewer that 500 employees.

Top line small business statistics for Ohio include:

  • Ohio small businesses created 11,689 jobs in 2013 and represent 97.9% of all businesses with.
  • Small businesses with fewer than 100 employees have the largest share of small business employment.
  • The three Ohio industries with the most small business jobs are health care and social assistance with 349,305 jobs, manufacturing with 291,007 jobs, and accommodation and food services with 265,229 jobs.
  • The number of minority-owned firms in Ohio increased by 48.9% between 2007 and 2012.
  • Small businesses made up 89.4% of Ohio exporting companies and generated 24.3% of Ohio’s total known export value.

CLICK HERE to download Ohio’s Small Business Profile.

CLICK HERE to download Pennsylvania’s Small Business Profile.

Copyright 2022 The Business Journal, Youngstown, Ohio.