EDC thanks small businesses in St. Croix Co.
May 16-20 was National Small Business Week
Sunday, May 29, 2011 11:41 AM
HUDSON, WI - In recognition of National Small Business Week, St. Croix Economic Development Corporation (EDC) extends an important "Thank-you" to the small businesses in St. Croix County, Wisconsin for their continued contributions to the vitality of local economies.
William Rubin. Submitted photo
A publication known as County Business Patterns estimated that St. Croix County had 2,153 businesses (establishments) in 2008 and the vast majority of them could be considered small companies. Of interest, 1,215 of the 2,153 establishments had one to four employees, another 409 had 5-9 employees, 257 had 10-19 employees, and 161 reported 20-49 employees. From 2007 to 2008, businesses (establishments) in St. Croix declined by 34 (-1.55 percent).
"The estimates from County Business Patterns strongly support the value of small business in St. Croix County," said William Rubin, executive director of St. Croix EDC. "The 2,153 establishments supported just over 26,600 paid employees and an annual payroll approaching $929 million. These are significant contributions."
Nationally, an estimated 27.2 million small businesses provide major contributions in the areas of employment, technology development, and exports.In the U.S., small companies
o represent 99.7 percent of all employers firms;
o employ just over half of all private sector employees;
o pay 44 percent of the total U.S. private payroll;
o have generated 64 percent of net new jobs over the last 15 years;
o hire 40 percent of high-tech workers;
o comprised 97.3 percent of all identified exporters in fiscal year 2007;
o produced 30.2 percent of the known export value in fiscal year 2007; and
o produced 13 times more patents per employee than large patenting firms
(Sources: SBA Office of Advocacy; U.S. Dep't of Commerce; Census Bureau, Dep't of Labor)
Small businesses have faced challenges during the latest recession. An estimated 175,000 jobs were lost across Wisconsin during the recession's lowest point. Construction and manufacturing sectors have been the hardest hit, but so have main street retailers and service providers. There are signs of an improving economy, and collectively, small businesses in each community will assist with the recovery.
Congratulations Small Businesses!