Colorado small businesses create 25,400 jobs in 2004

Small business continued to create Colorado’s new jobs during 2004.

The updated Colorado Small Business Profile, released today by the Office of Advocacy of the U.S. Small Business Administration, shows that small businesses added 25,400 net new jobs during the latest year studied.

“Small businesses are Colorado’s job-creating dynamo,” said Dr. Chad Moutray, chief economist for the Office of Advocacy. “They are the key to the state’s ability to increase gross state product, personal income, and total employment. Clearly, policymakers need to consider their impact on small business when they are making policy decisions.”

The updated profile also shows that:

• During 2006, the state had an estimated 550,100 small businesses, of which 153,400 were employer firms.
• Small businesses employed 52 percent of the state’s non-farm private work force.
• The state had 10,900 Asian-owned firms, 7,100 black-owned firms, 24,100 Hispanic-owned firms, 3,900 Native American-owned firms, and 390 Native Hawaiian and Pacific Islander-owned firms in 2002 (latest data).
• Women-owned firms totaled 135,200 and generated $16.4 billion in revenue during 2002 (latest data).