The US Census Bureau, with support from the Kauffman Foundation and the Minority Business Development Agency, has just released the inaugural Annual Survey of Entrepreneurs (ASE). This welcome new report will provide much-needed data on all businesses in the US—it tracks all firms with annual receipts of at least $1,000 and provides extensive demographic and economic data on these companies. The data only examines firms with employees so it misses out on the growing 1099 Economy. The latest data is from 2014 so it’s not as fresh as we’d like, but the information is helpful and will likely be heavily used by researchers.
Here are some quick-hit highlights from the ASE’s first edition:
- 1 in 10 US firms is new (i.e. less than 2 years old).
- 44% of US firms have been in business for more than 10 years.
- Minority business owners operate 17.5% of US businesses. However, these firms generate only 3.3% of total US business revenue.
- Our most thriving regions have significantly higher levels of new firm activity. In many of these regions, anywhere from 20-25% of firms are new. A related Governing analysis ranks metros by the proportion of young firms in each region. Top metro locations for young firms include (in rank order): Las Vegas, Miami, Austin, Orlando, and Dallas-Ft.Worth).