Seattle – April 21-25 is National Small Business Week 2008, with several award and informational events in Washington D.C. sponsored by the United States Small Business Administration. Washington Policy Center (WPC), through its Center for Small Business, is helping to create a state where small business creation, expansion and retention is encouraged.
Small businesses play an integral role in the nation’s economy; but they also play an important part in our state’s economic viability. It is important that state and local policymakers continue to recognize that, as the small business climate goes, so goes the rest of the state economy.
Some facts and figures about Washington’s small businesses:
- Small businesses (businesses with fewer than 50 employees) make up 85% of registered businesses in Washington state.
- Small businesses employ just over 1.1 million Washingtonians – or 41% of the state’s private sector workforce.
- Small businesses are less likely to be able to afford health insurance for their employees than larger businesses – average of 71% of small businesses offer medical insurance to employees whereas 91% of businesses with 50-99 employees offer insurance, 96% of businesses with 100-499 employees, and 99% of businesses with more than 500 employees.
- The SBA estimates that firms with fewer than 20 employees face an annual regulatory burden of $6,795 per employee, a burden nearly 60% above that facing a firm employing over 500 people.
- Washington ranks seventh in business starts (after ranking 1st and 2nd the previous several years) and remains ranks first in business terminations by percentage in the nation.
- There are over 100,000 business regulations in Washington state and the Washington Administrative Code is over 34,000 pages.
WPC recognizes the importance of small businesses in Washington state and joins with the SBA and other organizations that are honoring small businesses, and the importance they play in our economy, this week.
For more publications on Washington’s small business climate and information on WPC’s 2008 Small Business Forums being held around the state, contact Washington Policy Center.