November 30, 2024 is small business Saturday. Let’s take a moment to recognize the significant impact our small businesses have on the economy here.
- Number of Small Businesses: There are approximately 462,292 small businesses in Wisconsin.
- Scope: 99.4 percent of Wisconsin businesses are small businesses.
- Employment: Small businesses in Wisconsin employ around 1.4 million workers, which account for 45.9% of the state’s workforce.
- New Business Formations: Wisconsin sees about 40,000 new businesses formed each year.
- Small Business Exporters: There are 7,607 small business exporters in Wisconsin, contributing to 28.4% of the state’s $20.6 billion export revenue.
- Industry Distribution: In 2021, the accommodation and food services industry had 14,930 business establishments in Wisconsin.
- Survival Rate: The business survival rate in Wisconsin is 55.3%, compared to the national average of 50%.
- Business Applications: In 2023, Milwaukee County had the highest number of business applications in Wisconsin, with 18,019.
- Demographics:
- Women account for 41.1% of small business ownership
- Military veterans make up 4.5% of workers and own 7.6% of businesses in the state
- Racial minorities own 11.2% of small businesses in Wisconsin
- Economic Contribution: Manufacturing, a significant sector, represents 20% of Wisconsin’s GDP.
- Self-Employment: In 2021, there were 311,994 self-employed individuals in Wisconsin, including those at incorporated companies that file via Schedule C.
These statistics underscore the importance of small businesses to Wisconsin’s economy, highlighting their role in employment, entrepreneurship, and economic diversity.
