To explore the impact of the pandemic on the state’s small businesses, the Florida Small Business Development Center (SBDC) Network, the Florida Chamber Foundation, and the University of West Florida Haas Center partnered to conduct a survey of Florida’s small businesses during the summer of 2020.
The impact of COVID-19 on Florida’s small businesses has been unprecedented. To understand the scope of impact of the pandemic on the state’s small businesses and the implications for Florida’s economy, the researchers first investigated the contributions of businesses with fewer than 100 employees on the state’s economy. Analysis shows that 60 percent of net new job gains in Florida since 2012 have come from small businesses with less than 100 employees, confirming the important role small businesses play in the state’s economy.
Key Highlights of the Report
– 60 percent of Florida’s net new jobs since 2012 are created by companies with fewer than 100 employees.
– 45.4 percent of respondents said they were extremely concerned about their ability to operate in the future.
– 60.8 percent of respondents revealed extreme concern over the economy.
With 2.7 million small businesses in Florida, this economic engine is crucial to Florida’s success. To highlight the growth and ongoing role small businesses play in our economic development, the Florida Chamber Foundation has added new data to track the growth of businesses with fewer than 100 employees. Visit TheFloridaScorecard.org and click on the Innovation & Economic Development icon at the top.