Florida Small Business Economic Profile

[Pages:4]2019 Small Business Profile

U.S. SMALL BUSINESS ADMINISTRATION

REGULATION

RESEARCH

OUTREACH

FlUonritdead States

29.935.08m.%2il9lMi9oin.l9li%oSonmf FalSOollmrfBiUdaunalsliiBBtneuuedsssiSisnnteeaesstssesesesBs usinesses

EMPLOYMENT

1E6M0P,L2O2Y2MENT

ne1t .n9ewmijlolbiosn Net New Jobs

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DIVERSITY

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Businesses

TRADE

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small2b8u7s,i8n3e5ss SemxpaollrBteursiness Exporters

Overall Florida Economy

Overall United States Economy ? In the third quarter of 2018, Florida grew at an annual rate of 3.8%, which was faster than the overall US growth rate of

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? In Fpeebrrusuasrcyip20it1l9o,btohretiusnneisml uptloaylimquenipt eraxteeawcaosm3m.5o%d,odcoownnsefrqoumat3. .9% in February 2018. This was below the February 201C9onnasteicotneatul uenr eamdipplioscyimngenetlirta, steedofd3ia.8m%n. o(Snouumrcme:yCnPibSh) euismod tincidunt ut laoreet dolore magna aliquam erat Emvpollouytmpaent.tConsectetuer adipiscing elit, sed diam.

Figure 1: Employment by Business Size (Employees)

? Florida small businesses employed 3.4 million people, or

8MEmployment

41.6% of the private workforce, in 2016. (Source: SUSB)

Figure 1: United States Employment by Business Size

?

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61M20M

fudrtohleorredemtaaiglsnoanafliqrmuasmw.it(hSoeumrcpelo: SyUeeSsB.)(Source: SUSB)

100M

4M

80M

2M60M

40M

0

20M 2000

more than 500

more than 500 100 to 499

20 to 99 100 to 499

fewer than 20 20 to 99

2005

2010

? Private-sector employment increased 2.1% during the 12mLoonrtehmpeiprisoudmednodlionrgsint aFmebertu, caoryns2e0c1t9e.tuTehriasdwipaissceiqnugal toetlhite, sinecdredaiasme o5f82..91%% dnuorniunmg tmhey npirbiohre1u2i-smmoondthtinpceirdio-d. (Souunrtcuet: lCaPoSre)et dolore. (Source: SUSB)

? The number of proprietors increased in 2017 by 2.0% relative to the previous year. (Source: BEA)

? SmUatlwl bisuiseiniemssaeds cmreinaitmedv1e6n0ia,2m22, qnueitsjnoobsstirnud20e1x6e.rcFiirms emtaptliooyninugllafmewcoerptehra1n.12m0 ilelimonplsouyseceips itelxopbeoriretinscneidsl uthte laraglieqsut igpaeinxse,aadcodminmg 9o7d,o99c8onseetqjoubast. (TShouerscme:aSlUleSsBt)gains were in firms employing 100 to 499 employees, which

2015 added 23,960 net jobs. (Source: SUSB)

fewer than 20

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and exporter share statistics are based on the 2016 Statistics of US Businesses (SUSB), 2016 Annual Survey of Entrepreneurs (ASE), and

2016 International Trade Administration (ITA) data, respectively.

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SBA Office of Advocacy

41

Florida Small Business Profile, 2019

Income and Finance

? The number of banks decreased by 14 between June 2016 and June 2017 to 138 banks. (Source: FDIC)

? In 2017, 528,485 loans under $100,000 (valued at $7.1 billion) were issued by Florida lending institutions reporting under the Community Reinvestment Act. (Source: FFIEC)

? The median income for individuals self-employed at their own incorporated businesses was $41,926 in 2017. For individuals self-employed at their own unincorporated firms, this figure was $20,838. (Source: ACS)

Median income represents earnings from all sources. Unincorporated self-employment income includes unpaid family workers, a very small percent of the unincorporated self-employed.

Employer Business Owner Demographics

Figure 2: Florida Employees per Business by Owner's Demographic, 2016 All Firms

African American Asian

Hawaiian-Pacific Islander Hispanic

Native American-Alaskan Some other race

Veteran Nonveteran

Minority Nonminority

Female Male

0

2

4

6

8

Figure 2 shows the average number of employees per employer business by owner's demographic group according to the 2016 Annual Survey of Entrepreneurs (ASE). Unshaded bars display US values; data were withheld because they do not meet Census Bureau publication standards or could disclose information regarding individual businesses.

Turnover among Establishments with Employees

Figure 3: Florida Quarterly Startups and Exits

20K

10K

Startups

0 Exits

-10K

Net New Establishments

-20K 1995

2000

2005

2010

2015

? In the third quarter of 2017, 17,956 establishments started up, generating 67,771 new jobs in Florida. Startups are counted when business establishments hire at least one employee for the first time. (Source: BDM)

? In the same period, 17,355 establishments exited resulting in 61,534 jobs lost. Exits occur when establishments go from having at least one employee to having none, and then remain closed for at least one year. (Source: BDM)

? Figure 3 displays quarterly startups and exits from 1993 to 2017. Each series is smoothed across multiple quarters to highlight long-run trends. (Source: BDM)

The BLS data covers only business establishments with employees. BLS refers to startups as births and exits as deaths. These terms are distinct from the BLS openings and closings categories. Openings include seasonal re-openings and closings include seasonal shutterings. Quarterly startup and exit values may not align with Figure 3 due to smoothing.

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Florida Small Business Profile, 2019

International Trade

? A total of 58,104 companies exported goods from Florida in 2016. Of these, 55,137, or 94.9%, were small firms; they generated 58.6% of Florida's $47.5 billion in total exports. (Source: ITA)

Small Business Employment by Industry and Self-Employment by County

Table 1: Florida Employment by Industry, 2016

Industry

Accommodation and Food Services Health Care and Social Assistance Construction Professional, Scientific, and Technical Services Retail Trade Other Services (except Public Administration) Administrative, Support, and Waste Management Wholesale Trade Manufacturing Finance and Insurance Real Estate and Rental and Leasing Arts, Entertainment, and Recreation Educational Services Transportation and Warehousing Information Management of Companies and Enterprises Agriculture, Forestry, and Fishing and Hunting Utilities Mining, Quarrying, and Oil and Gas Extraction Industries not classified Total

Small Business

Employment

494,763

476,768

348,136

334,050

326,868

257,709

255,538

189,670

165,701

108,428

100,978

99,381

85,763

80,703

38,469

19,227

6,853

6,306

1,719

901

3,397,931

Total Private

Employment

935,554

1,086,559

397,243

499,518

1,088,564

326,030

1,707,780

318,689

306,700

355,395

164,836

198,688

174,121

248,639

167,490

153,650

9,051

26,487

3,747

901

8,169,642

Figure 4: Florida Self-Employment Rates by County, 2017

Small Business

Employment Share

52.9 43.9 87.6 66.9 30.0 79.0 15.0 59.5 54.0 30.5 61.3 50.0 49.3 32.5 23.0 12.5 75.7 23.8 45.9 100.0 41.6

Self-Employment (%)

6.4 up to 9.5 9.5 up to 11.0 11.0 up to 13.4 13.4 to 17.4

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Florida Small Business Profile, 2019

Small Businesses by Industry

Table 2: Florida Small Businesses by Industry and Firm Size, 2016

Industry

Other Services (except Public Administration) Professional, Scientific, and Technical Services Real Estate and Rental and Leasing Administrative, Support, and Waste Management Construction Health Care and Social Assistance Retail Trade Transportation and Warehousing Arts, Entertainment, and Recreation Finance and Insurance Wholesale Trade Accommodation and Food Services Educational Services Manufacturing Information Agriculture, Forestry, and Fishing and Hunting Utilities Mining, Quarrying, and Oil and Gas Extraction Total

1?499 Employees

43,818 72,600 29,404 31,036 50,024 47,178 47,401 12,585 7,844 17,487 26,113 30,067 6,209 12,102 4,836 1,033

290 177 440,365

1?19 Employees

41,195 69,118 28,478 28,446 46,236 42,738 44,306 11,517 6,785 16,385 23,517 23,006 5,109 10,064 4,350

959 247 143 403,481

Nonemployer Firms

346,169 240,709 245,008 233,972 181,203 174,719 140,281 170,071 84,437 60,494 38,001 32,726 44,592 22,853 23,135 13,221 1,526

797 2,053,914

Total Small Firms

389,987 313,309 274,412 265,008 231,227 221,897 187,682 182,656 92,281 77,981 64,114 62,793 50,801 34,955 27,971 14,254 1,816

974 2,494,279

Tables 1 and 2 display data from the 2016 SUSB. Table 2 includes additional data from the 2016 Nonemployer Statistics (NES). Figure 4 provides estimates of the rate of self-employment among employed civilians, 16 years and over, including both incorporated and unincorporated businesses, from the 2017 American Community Survey (ACS).

References

The Small Business Profiles, source data, and methodology are available at .

ACS ASE BEA BDM BLS CPS FDIC FFIEC ITA NES SUSB

American Community Survey, US Census Bureau Annual Survey of Entrepreneurs, US Census Bureau Bureau of Economic Analysis, US Department of Commerce Business Employment Dynamics, BLS Bureau of Labor Statistics, US Department of Labor Current Population Survey, BLS Call Reports, Federal Deposit Insurance Corporation Federal Financial Institutions Examination Council International Trade Administration, US Department of Commerce Nonemployer Statistics, US Census Bureau Statistics of US Businesses, US Census Bureau

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Florida Small Business Profile, 2019

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