Small Business Play Key Role in Economic Rebound — Connecticut by the Numbers

Small Business Play Key Role in Economic Rebound — Connecticut by the Numbers

The economic rebound of Connecticut is being propelled by small businesses, according to recent data. Small businesses are playing a pivotal role in the state’s economic revival, evidenced by a 2.2% increase in gross domestic product (GDP) over the past year.

A survey conducted by the Connecticut Department of Labor revealed that of the 119,000 jobs generated during the 12-month period ending in May, small businesses accounted for over one-third of them. This is the highest rate of job growth by small businesses since the Great Recession.

The survey also found that small businesses were the leading source of private sector job growth in the state, with the number of small business jobs increasing by an impressive 5.6%. This was followed by the leisure and hospitality sector and the professional and business services sector, which saw a 3.2% and 2.1% increase in jobs, respectively.

The survey also highlighted the importance of small businesses for economic growth in Connecticut. Small businesses are responsible for 44.4% of private sector employment in the state and are responsible for more than half of all business output. This figure is even more impressive when one considers that small businesses make up only 20.7% of all businesses in the state.

The data from the survey provides a clear picture of the significance of small businesses for the economic rebound of Connecticut. Their contribution to job growth and their share of total business output demonstrates their importance for the future economic health of the state.