The Small Business Administration (SBA) recently released the Small Business Economic Profile for Colorado, which provides a comprehensive look at the impact of small businesses on the state’s economy. The report highlights the vital role that small businesses play in job creation, innovation, and economic growth.
According to the report, there are approximately 691,230 small businesses in Colorado, making up 99.5% of all businesses in the state. These small businesses employ 1.2 million workers, accounting for 49.6% of all private-sector employment in the state. Small businesses in Colorado also generated over $225 billion in total economic output in 2020, demonstrating their significant contribution to the state’s economy.
The report also highlights the diversity of small businesses in Colorado, with the majority being in the professional, scientific, and technical services industry. Other top industries for small businesses in Colorado include construction, health care, and retail trade. This diversity is important for the state’s economy, as it helps to mitigate the risk of economic downturns in any one particular industry.
Another interesting finding from the report is the prevalence of small businesses owned by women and minorities. Women-owned businesses make up 38.5% of all small businesses in Colorado, and minority-owned businesses make up 16.8%. This underscores the importance of supporting and empowering diverse small business owners to ensure their continued success and contribution to the state’s economy.
The report also delves into the challenges faced by small businesses in Colorado, including access to capital, workforce development, and regulatory compliance. It is important for policymakers and stakeholders to address these challenges to ensure that small businesses can continue to thrive and drive economic growth in the state.
Overall, the Small Business Economic Profile for Colorado provides valuable insights into the impact and diversity of small businesses in the state. By supporting and empowering small businesses, Colorado can continue to foster economic growth and innovation for years to come.
Read the full report here!