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COLORADO Small Businesses Small Business Employees 611,495 1.1 (MBDA)

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COLORADO
611,495
Small Businesses
1.1 million
Small Business Employees
99.5%
of Colorado Businesses
48.6%
of Colorado Employees
EMPLOYMENT
52,209
net new jobs
DIVERSITY
85,809
minority-owned
businesses
TRADE
5,027
small business
exporters
OVERALL COLORADO ECONOMY
•
In the third quarter of 2017, Colorado grew at an annual rate of 3.7%, which was faster than the overall US growth rate of
3.4%. Colorado’s 2016 growth rate of 1.1% was down from the 2015 rate of 3.4%. (Source: BEA)
•
In January 2018, the unemployment rate was 3.0%, up from 2.8% in January 2017. This was below the January 2018
national unemployment rate of 4.1%. (Source: CPS)
EMPLOYMENT
Figure 1: Colorado Employment by Business Size
(Employees)
fewer than 20
20 to 99
100 to 499
more than 500
0.0
500.0K
1.0M
1.5M
2.0M
2000 2005 2010 2015
•
Colorado small businesses employed 1.1 million people, or
48.6% of the private workforce, in 2015. (Source: SUSB)
•
Firms with fewer than 100 employees have the largest share
of small business employment. Figure 1 provides further
details on firms with employees. (Source: SUSB)
•
Private-sector employment increased 3.0% during the 12-
month period ending in January 2018. This was below the
increase of 3.6% during the prior 12-month period. (Source:
CPS)
•
The number of proprietors increased in 2016 by 2.3% rela-
tive to the previous year. (Source: BEA)
•
Small businesses created 52,209 net jobs in 2015. Firms
employing fewer than 20 employees experienced the largest
gains, adding 30,730 net jobs. The smallest gains were
in firms employing 100 to 499 employees, which added
10,349 net jobs. (Source: SUSB)
The Small Business Profiles are produced by the US Small Business Administration’s Office of Advocacy. Each report incorporates the most up-to-date
government data to present a unique snapshot of small businesses. Small businesses are defined for this profile as firms employing fewer than 500
employees. Net small business job change, minority small business ownership, and exporter share statistics are based on the 2015 Statistics of US
Businesses (SUSB), 2012 Survey of Business Owners (SBO), and 2015 International Trade Administration (ITA) data, respectively.
SBA Office of Advocacy 25 Colorado Small Business Profile, 2018
INCOME AND FINANCE
• The number of banks decreased by 3 between June 2016 and June 2017 to 88 banks. (Source: FDIC)
•
In 2016, 131,038 loans under $100,000 (valued at $1.9 billion) were issued by Colorado lending institutions reporting under
the Community Reinvestment Act. (Source: FFIEC)
•
The median income for individuals self-employed at their own incorporated businesses was $49,977 in 2016. For individuals
self-employed at their own unincorporated firms, this figure was $24,631. (Source: ACS)
Median income represents earnings from all sources. Unincorporated self-employment income includes unpaid family workers, a very small percent of
the unincorporated self-employed.
EMPLOYER BUSINESS OWNER DEMOGRAPHICS
Figure 2: Colorado Employees per Business by Owner’s Demographic, 2015
Male
F
emale
Nonminor
ity
Minor
ity
Non
veteran
V
eteran
Some
other race
Nativ
e American-Alaskan
Hispanic
Ha
waiian-Pacific Islander
Asian
Afr
ican American
All
Firms
0 2 4 6 8 10
Figure 2 shows the average number of employees per employer business by owner’s demographic group according to the Annual Survey of Entrepreneurs
(ASE). Unshaded bars display US values; data were withheld because they do not meet Census Bureau publication standards or could disclose
information regarding individual businesses.
TURNOVER AMONG ESTABLISHMENTS WITH EMPLOYEES
Figure 3: Colorado Quarterly Startups and Exits
2,500
3,000
3,500
4,000
4,500
5,000
5,500
1995 2000 2005 2010 2015
startups exits
•
In the third quarter of 2016, 5,898 establishments started
up, generating 17,847 new jobs in Colorado. Startups are
counted when business establishments hire at least one
employee for the first time. (Source: BDM)
•
In the same period, 4,393 establishments exited resulting
in 13,050 jobs lost. Exits occur when establishments go
from having at least one employee to having none, and then
remain closed for at least one year. (Source: BDM)
•
Figure 3 displays quarterly startups and exits from 1992 to
2016. Each series is smoothed across multiple quarters to
highlight long-run trends. (Source: BDM)
The BLS data covers only business establishments with employees. BLS
refers to startups as births and exits as deaths. These terms are distinct
from the BLS openings and closings categories. Openings include sea-
sonal re-openings and closings include seasonal shutterings. Quarterly
startup and exit values may not align with Figure 3 due to smoothing.
SBA Office of Advocacy 26 Colorado Small Business Profile, 2018
Small Business
Employment (%)
27
to 59
59 to 78
78
to 91
91
to 100
INTERNATIONAL TRADE
•
A total of 5,747 companies exported goods from Colorado in 2015. Of these, 5,027, or 87.5%, were small firms; they
generated 30.6% of Colorado’s $7.4 billion in total exports. (Source: ITA)
SMALL BUSINESS EMPLOYMENT BY INDUSTRY AND COUNTY
Table 1: Colorado Employment by Industry, 2015
Industry Small Business Total Private Small Business
Employment Employment Employment Share
Accommodation and Food Services 168,691 270,647 62.3
Health Care and Social Assistance 148,351 292,970 50.6
Construction 116,776 145,088 80.5
Professional, Scientific, and Technical Services 108,416 191,456 56.6
Retail Trade 97,265 272,567 35.7
Other Services (except Public Administration) 85,323 104,477 81.7
Administrative, Support, and Waste Management 71,523 251,026 28.5
Manufacturing 62,955 121,335 51.9
Wholesale Trade 50,052 100,067 50.0
Finance and Insurance 30,582 105,193 29.1
Educational Services 30,286 50,283 60.2
Real Estate and Rental and Leasing 29,832 43,329 68.8
Arts, Entertainment, and Recreation 27,765 55,061 50.4
Transportation and Warehousing 23,048 69,739 33.0
Information 18,971 81,017 23.4
Mining, Quarrying, and Oil and Gas Extraction 13,272 30,018 44.2
Management of Companies and Enterprises 7,629 57,014 13.4
Utilities 3,044 10,592 28.7
Agriculture, Forestry, and Fishing and Hunting 1,437 1,548 92.8
Industries not classified 368 368 100.0
Total 1,095,586 2,253,795 48.6
Figure 4: Colorado Small Business Employment by County, 2015
SBA Office of Advocacy 27 Colorado Small Business Profile, 2018
SMALL BUSINESSES BY INDUSTRY
Table 2: Colorado Small Businesses by Industry and Firm Size, 2015
Industry
1-499 Employees
1-20 Employees Nonemployer
Total Small Firms
Firms
Professional, Scientific, and Technical Services 23,376 21,964 83,914 107,290
Construction 16,787 15,495 53,643 70,430
Other Services (except Public Administration) 12,683 11,758 58,208 70,891
Health Care and Social Assistance 12,627 11,130 33,084 45,711
Retail Trade 11,897 10,791 37,696 49,593
Accommodation and Food Services 9,776 7,177 5,870 15,646
Real Estate and Rental and Leasing 8,971 8,613 61,846 70,817
Administrative, Support, and Waste Management 7,446 6,597 32,994 40,440
Finance and Insurance 5,789 5,389 15,632 21,421
Wholesale Trade 5,377 4,470 7,317 12,694
Manufacturing 4,577 3,722 7,747 12,324
Transportation and Warehousing 3,032 2,673 23,159 26,191
Arts, Entertainment, and Recreation 2,566 2,283 28,393 30,959
Educational Services 2,309 1,924 15,725 18,034
Information 1,736 1,469 7,408 9,144
Mining, Quarrying, and Oil and Gas Extraction 1,101 926 3,756 4,857
Agriculture, Forestry, and Fishing and Hunting 326 314 4,090 4,416
Utilities 190 148 365 555
Total 130,648 117,198 480,847 611,495
Figure 4 and Tables 1 and 2 display data from the 2015 SUSB. Table 2 includes additional data from the 2015 Nonemployer Statistics (NES).
REFERENCES
The Small Business Profiles, source data, and methodology are available at https://go.usa.gov/xQT4w.
ASE Annual Survey of Entrepreneurs, US Census Bureau
BEA Bureau of Economic Analysis, US Department of Commerce
BDM Business Employment Dynamics, BLS
BLS Bureau of Labor Statistics, US Department of Labor
CPS Current Population Survey, BLS
FDIC Call Reports, Federal Deposit Insurance Corporation
FFIEC Federal Financial Institutions Examination Council
ITA International Trade Administration, US Department of Commerce
NES Nonemployer Statistics, US Census Bureau
SBO Survey of Business Owners, US Census Bureau
SUSB Statistics of US Businesses, US Census Bureau
SBA Office of Advocacy 28 Colorado Small Business Profile, 2018
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