The U.S. Small Business Administration reports that in 2008 nearly 400 thousand small businesses were operating in Louisiana, representing 97.4 percent of the state’s employers.
A report released in February by the SBA shows that in 2008, the latest year for which data is available, of the 391,535 small businesses in operation, 80,188 were employers and they accounted for 54.6 percent of private-sector jobs in the state.
The SBA defines a small business as one with fewer than 500 employees. The total number of businesses with more than 500 employees in Louisiana in 2008 was 2,113.
Other data included in the SBA report shows that:
- Louisiana’s real gross state product increased by 0.3 percent and private-sector employment decreased by 2.9 percent in 2009. By comparison, real GDP in the United States grew 0.7 percent and private-sector employment declined by 5.5 percent.
- Business ownership is becoming more inclusive in the state. The number of both women and minority business owners has grown. In particular, minority-owned businesses numbered 83,341 in 2007, a 45.2 percent increase over 2002.
- The state’s businesses showed signs of stability and improvement in the fourth quarter of 2009 compared to the first quarter.
Data on all states and territories is available at www.sba.gov/advocacy/848.
Source: U.S. Small Business Administration
Topics USA Commercial Lines Talent Louisiana Business Insurance
Was this article valuable?
Here are more articles you may enjoy.
PE-Backed Insurance Broker Hub International Files Confidentially for US IPO 
More Americans Are Moving Away From Flood Risk Than Toward It 
Florida’s Unemployment Rate Is Surging Even as High-Profile Companies Move In 
What Happens to Property Pricing in ’27, Insurance, Reinsurance Execs Ask 
