Small business owners are on the cusp of becoming an increasingly important part of the economy.
Here’s what you need to know.
article A study released Tuesday by the National Association of Realtors (NAR) shows that the number of new small business owners has increased by more than 25 percent since the Great Recession.
And in 2017, nearly 14 million small businesses were added to the U.S. economy, up from 8.2 million in 2016.
But the trend has been uneven and unevenly distributed across the country.
While many cities and states have seen increases, the growth has come mostly from cities, according to the report.
Cities with strong local economies and a diverse workforce are the most likely to see the fastest growth.
The report also found that while more small business ownership has been happening in the U, it has not been evenly distributed across different states and regions.
States with the largest increases in small business establishment (SBE) occurred in the Northeast, Midwest, and the West.
According to the NAR report, there were more than 5 million SBEs in the West, which included Alaska, Hawaii, Nevada, Oregon, Washington, Oregon Territory, and Alaska.
The highest growth occurred in Louisiana, where there were 6.4 million SBIs, followed by Mississippi with 5.2.
The report said states that saw the biggest increases were also among the most economically diverse, with New Hampshire, New York, and Texas seeing the biggest growth.
While there is a lot of data on SBE growth, the report only looked at SBE creation in the past year.
The study also does not take into account the growth in the number and type of businesses, such as salons and bars, or the number or type of customers who are seeking out SBE opportunities.NAR said in a statement that the report “is an important first step toward better understanding the impact of SBE expansion on economic development and job creation.”