Business

Small businesses in Mississippi support half of state's jobs

AJH PHOTOGRAPHY 
 Ribbon cuttings like this one in June at Bootleggers Pizzeria and Sports Pub on Pass Road in Biloxi are regular occurrances in South Mississippi. A new report shows small businesses support nearly half of all jobs in Mississippi.
AJH PHOTOGRAPHY Ribbon cuttings like this one in June at Bootleggers Pizzeria and Sports Pub on Pass Road in Biloxi are regular occurrances in South Mississippi. A new report shows small businesses support nearly half of all jobs in Mississippi.

Small business make a big contribution in Mississippi, according to a report released Tuesday by the Office of Advocacy, an independent office within the Small Business Administration.

The report shows national and state-level economic growth and jobs using data from leading government statistical agencies.

Small businesses represent 96.2 percent of all businesses with employees, the report shows, and employ about 47.1 percent of the nation's private-sector workforce. Small businesses with fewer than 100 employees have the largest share of small business employment.

Statics for Mississippi include:

-- The state is home to 244,755 small businesses.

-- The three Mississippi industries with the most small business jobs are Health Care and Social Assistance with 65,409 jobs, Retail Trade with 56,249 jobs and Accommodation and Food Services with 56,192 jobs.

-- The number of minority-owned firms in the state increased by 59.9 percent between 2007 and 2012.

-- Hispanic-owned small businesses led the increase in new minority firms at 82 percent, followed by Native American/Alaskan owned at 68 percent and African-American owned at 61 percent.

-- Small businesses made up 76 percent of Mississippi exporting companies and generated 15 percent of the state's total known export value.

It's still tough going for those starting a new business. In the second quarter of 2014, 1,404 establishments started up in Mississippi and 1,734 exited. The startups generated 7,010 new jobs while exits caused 6,996 job losses.

The report covers 2010 to 2015 and is a reference tool for how small firms with fewer than 500 employees are performing regionally or nationally.

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