National Small Business Week celebrated the critical contributions of America’s entrepreneurs and small business owners, with a record number of new business applications since the start of the Biden-Harris Administration. The U.S. Census Bureau reported a significant increase in monthly new business applications, with women-owned businesses leading the way. The Small Business Administration also awarded a record-high of $178.6 billion in federal contracts to small businesses, including increases for minority-owned firms. Despite falling short of the 5% goal for the Women Owned Small Business Program, the government awarded over $30 billion in federal contracting dollars to women-owned businesses.
In addition, the Personal Consumption Expenditures Price Index showed a decrease in inflation and an increase in income, while unemployment remained below 4%, leading to the highest level of optimism amongst small businesses in more than 20 years. PNC’s survey found that 55% of small and mid-sized businesses are highly optimistic about the national economy and 79% are optimistic about their own businesses. The positive outlook is also reflected in consumer sentiment, with the GDP growing faster in the second half of 2023 than any point since 2015, and consumer sentiment up nearly 30% compared to previous presidencies.
The optimism extends to AANHPI business owners, with their buying power expected to reach $1.6 trillion this year alone. AANHPI businesses employ over 5 million people, and the majority are optimistic about the future of their businesses. This positive economic outlook is a stark contrast to the challenges faced during the Covid-19 pandemic, which forced the rescheduling of National Small Business Week just four years ago. Despite the progress, small business owners recognize the need for continued work to lower healthcare costs, improve access to capital, and level the tax playing field to ensure the stability and prosperity of Main Streets across the country.
Overall, National Small Business Week celebrated the resilience and success of America’s entrepreneurs and small business owners, with record numbers of new business applications, federal contracts awarded to small businesses, and increased optimism among business owners. The positive economic outlook is reflected in the decrease in inflation, increase in income, and low unemployment rates. While challenges still remain, such as the need for lower healthcare costs and improved access to capital, the progress made by small businesses, especially women-owned and minority-owned firms, is a cause for celebration and recognition of their important contributions to the economy.
