The U.S. Small Business Administration's Office of Advocacy released its annual report, The Small Business Economy 2012, on Monday.
According to the report, the economy has improved for small businesses for the second straight year, although some of the recession's challenges remain.
“The Small Business Economy 2012 demonstrates that small businesses have been at the core of our economy's growth over the past few years,” said Dr. Winslow Sargeant, the Office of Advocacy's chief counsel. “Thanks to hardworking small business owners across the country, 2011 represented the second full year of economic expansion since the peak of the recession in 2009, with small businesses representing half of the private-sector output. We still have a lot of work to do, but this report tells an inspiring story: output, business income and profits are rising for small businesses, and bankruptcies and unemployment are declining.”
Click here for the full report.