Hawaii's small businesses sustain half of private jobs
POSTED: Saturday, January 24, 2009
A total of some 25,883 small businesses in Hawaii employed more than half of the state's private-sector employment in 2006, according to the most recent data released by the U.S. Small Business Administration yesterday.
In addition, Hawaii's small businesses also created 58 percent of the state's net new jobs from 2004 to 2005, the latest available data, according to SBA's Office of Advocacy.
“;Hawaii depends on small business for jobs and economic growth,”; said Shawne McGibbon, acting chief counsel for advocacy. “;During this time of financial stress and economic instability, policymakers need to remember that the state's small businesses provide the economic base for its families and communities.”;
Most of Hawaii's small businesses with fewer than 500 employees are in professional, scientific and technical services, as well as retail, construction, health care and social assistance.
In all, Hawaii had 116,236 small businesses in 2006, 25,883 of which had less than 500 employees, while 90,353, had no employees. A total of 840 businesses that year had more than 500 employees in the state.
Of Hawaii's small businesses, 50,984 were male-owned in 2002, the latest year in which data was available, while 29,943 were female-owned. A total of 13,864 were equally male and female-owned.
The U.S. SBA believes that Hawaii's economic recovery will depend on small business. Nationwide, the U.S. has slightly more than 6 million small employers.