Self Employment is Growing

The number of businesses with no paid employees grew from 17.6 million in 2002 to more than 18.6 million in 2003, a growth rate of 5.7 percent, according to a report issued today by the U.S. Census Bureau. This represents the biggest rate of increase in self-employment since the Census Bureau began releasing such statistics in 1997; the rate during the 2001 to 2002 period, 3.9 percent, was the previous high.

According to the report, Nonemployer Statistics: 2003, Nevada led the nation in the growth of these small businesses, with a 11.4 percent increase between 2002 and 2003. Arizona climbed from ninth place in 2002 to second place in 2003, with a 9.4 percent increase. Georgia’s rate of business growth, the third largest, was 8.9 percent. Texas and Florida had business growth of 8.1 percent and 7.0 percent, respectively, to round out the top-five states in nonemployer business growth. (See the report here: [Excel])