CFED Scorecard

Financial Assets & Income

Outcome Measures

Income Poverty Rate

Asset Poverty Rate

Asset Poverty by Race

Asset Poverty by Gender

Asset Poverty by Family Structure

Liquid Asset Poverty Rate

Liquid Asset Poverty by Race

Liquid Asset Poverty by Gender

Liquid Asset Poverty by Family Structure

Extreme Asset Poverty Rate

Net Worth

Net Worth by Race

Net Worth by Income

Net Worth by Gender

Net Worth by Family Structure

Unbanked Households

Underbanked Households

Households with Savings Accounts

Consumers with Subprime Credit

Borrowers 90+ Days Overdue

Average Credit Card Debt

Bankruptcy Rate

Policy Priorities

Tax Credits for Working Families

State IDA Program Support

Lifting Asset Limits in Public Benefit Programs

Protections from Predatory Short-Term Loans

Additional Policies

Income Tax Threshold

Tax Burden by Income

Prize-Linked Savings

Paperless Payday

Trend Indicators

Change in Net Worth

Change in Asset Poverty

Change in Liquid Asset Poverty

Change in Consumers with Subprime Credit

Change in Average Credit Card Debt

Businesses & Jobs

Housing & Homeownership

Health Care

Education

CFED Assets & Opportunity Scorecard

Small Business Ownership Rate

Reports & Graphics

Definition

Total number of firms with 5-99 employees as a percentage of people in the labor force, 2010.

Description

Small businesses drive the economy: they employ more than half the private sector workforce and serve as an engine for job creation. The higher the business ownership rate in a state, the higher the percentage of residents who have the opportunity to build wealth through business capital accumulation. Business ownership is second only to homeownership as a source of wealth for Americans. This measure shows the percentage of individuals in the state's labor force that own their own small businesses.

There are many ways to define small businesses. The federal Small Business Administration defines them as having fewer than 500 employees. In the Scorecard, we define small businesses as having fewer than 100 employees but larger than a microenterprise (firms with 0 – 4 employees and nonemployer firms). 

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Small Business Ownership Rate

StatePercent of Labor Force Owning
Small Businesses (%)
Rank
United States  1.34%   
Alabama  1.36%  35 
Alaska  1.56%  11 
Arizona  1.12%  51 
Arkansas  1.40%  30 
California  1.32%  40 
Colorado  1.41%  27 
Connecticut  1.43%  23 
Delaware  1.53%  13 
District of Columbia  1.95% 
Florida  1.23%  48 
Georgia  1.22%  49 
Hawaii  1.49%  15 
Idaho  1.59% 
Illinois  1.33%  38 
Indiana  1.36%  34 
Iowa  1.42%  26 
Kansas  1.45%  19 
Kentucky  1.31%  44 
Louisiana  1.59% 
Maine  1.59% 
Maryland  1.31%  42 
Massachusetts  1.45%  20 
Michigan  1.36%  33 
Minnesota  1.41%  29 
Mississippi  1.33%  39 
Missouri  1.36%  36 
Montana  2.03% 
Nebraska  1.52%  14 
Nevada  1.16%  50 
New Hampshire  1.56%  10 
New Jersey  1.43%  24 
New Mexico  1.39%  31 
New York  1.45%  21 
North Carolina  1.32%  41 
North Dakota  1.81% 
Ohio  1.31%  43 
Oklahoma  1.48%  17 
Oregon  1.55%  12 
Pennsylvania  1.41%  28 
Rhode Island  1.49%  16 
South Carolina  1.36%  37 
South Dakota  1.80% 
Tennessee  1.24%  46 
Texas  1.23%  47 
Utah  1.37%  32 
Vermont  1.78% 
Virginia  1.28%  45 
Washington  1.44%  22 
West Virginia  1.47%  18 
Wisconsin  1.43%  25 
Wyoming  1.97% 

Source

Statistics of U.S. Businesses (SUSB). Washington, DC: U.S. Department of Commerce, Census Bureau, 2010.

Local Area Unemployment Statistics. Washington, DC: U.S. Department of Labor, Bureau of Labor Statistics, 2010.

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