Guest Column: Economy showing support for small businesses
Published 7:12 pm Thursday, April 11, 2019
Guest Column by Rob Scott
It’s a fact: Our country’s economy is booming and President Trump’s pro-growth policies are spurring American small business expansion and incredible job creation. This was illustrated by the latest job report in March, which was the 102nd consecutive month of positive jobs growth, marking the longest streak on record.
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Because of the tax cuts, overall business investment is on the rise, with capital expenditures up $300 billion from 2017, and business sector productivity has grown at an annual rate of 1.9%, nearly twice the rate prior to the cuts. And, while the tax law has many benefits for small businesses, its 20% pass-through deduction is making a positive impact right now in tax season. It is allowing small business owners to invest in their companies and their employees by providing higher wages and bonuses, increased benefits and more jobs.
Proof is in the data: In the past year, an average of 211,000 jobs has been created every month and the nominal average hourly earnings grew by 3.2%. More so, wages are growing faster than inflation, which means more money in workers’ pockets, helping to expand individual wealth and the success of our nation’s small businesses and local economies — including urban and rural — that they support.
This booming economy is a testament to the administration’s focus on our nation’s prosperity, ensuring that small towns and metropolitan areas, as well as the diverse cross-sections of our population, are thriving. With the White House Opportunity and Revitalization Council working to deliver jobs, investment and growth to America’s most underserved and in designated opportunity zones, the National Council for the American Worker zeroing in on education and job training, and the Interagency Task Force on Agriculture and Rural Prosperity looking to improve life in rural America, the support for our economic growth, and a better America, continues.
Small businesses create two out of every three jobs, and the president’s clear vision for American greatness makes the U.S. Small Business Administration’s mission to support our nation’s job creators even that much more essential. Our 68 district offices, including one in Minneapolis that serves Minnesota, and our partner network ensures small business owners looking to start, grow or expand can find assistance right in their communities.
Now is the time to explore how the SBA can help you and your community support the American dream of business ownership and our country’s booming economy. Find out more at www.sba.gov and follow us on Twitter @SBAGreatLakes.
Rob Scott is the U.S. Small Business Administration’s Great Lakes regional administrator, serving Illinois, Indiana, Ohio, Michigan, Minnesota and Wisconsin.