South Dakota sees big small business increase
The Office of Advocacy, an independent office within the U.S. Small Business Administration, released the 2020 version of Small Business Profiles for all States and Territories.
Each year, the Office of Advocacy’s economic research team gathers the most up-to-date government economic data to construct an in-depth snapshot of each state’s small business employment, industry, and economic growth statistics.
The 2020 South Dakota Profile concludes that the number of small businesses increased to 88,191, up 1,641 businesses, from the 2019 report. These South Dakota small businesses provide 209,403 jobs, including 58.2% of the private workforce, across the state.
According to the report, the industries in SD with the most small businesses are:
1. Health care and social assistance
2. Accommodation and food services
3. Retail trade
Additionally, the number of SD small businesses involved in exporting increased, from 669 to 703.
“This year, we’re pleased to see that the number of small businesses across South Dakota increased – it’s an indicator of a stable economy over the past year – prior to COVID-19 – and people saw opportunity to start and grow their own small businesses,” said Jaime Wood, SBA South Dakota District Director.
The 2020 Small Business Profiles largely showcase economic information collected before the COVID-19 pandemic. The profile shows in 2019, prior to the pandemic, small businesses created 2,082 net new jobs in South Dakota. In April 2020, the unemployment rate was 10.2%, up from 3.2% just a year earlier.
The detailed 2020 Small Business Profiles for all States and Territories