麥肯錫-美國的小企業(yè)：是時候大膽思考了Americas small businesses Time to think big 2024

America’ssmallbusinesses:Timetothinkbig

OliviaWhite

AnuMadgavkarAdiKumar

AsutoshPadhi

KanmaniChockalingam

October2024

McKinseyGlobalInstitute

TheMcKinseyGlobalInstitutewasestablishedin1990.Ourmissionistoprovideafactbaseto

aiddecisionmakingontheeconomicandbusinessissuesmostcriticaltotheworld’scompaniesandpolicyleaders.WebenefitfromthefullrangeofMcKinsey’sregional,sectoral,andfunctionalknowledge,skills,andexpertise,buteditorialdirectionanddecisionsaresolelytheresponsibilityofMGIdirectorsandpartners.

Ourresearchiscurrentlygroupedintofivemajorthemes:

—Productivityandprosperity:Creatingandharnessingtheworld’sassetsmostproductively—Resourcesoftheworld:Building,powering,andfeedingtheworldsustainably

—Humanpotential:Maximizingandachievingthepotentialofhumantalent

—Globalconnections:Exploringhowflowsofgoods,services,people,capital,andideasshapeeconomies

—Technologiesandmarketsofthefuture:Discussingthenextbigarenasofvalueandcompetition

Weaimforindependentandfact-basedresearch.Noneofourworkiscommissionedorfundedbyanybusiness,government,orotherinstitution;weshareourresultspubliclyfreeofcharge;

andweareentirelyfundedbythepartnersofMcKinsey.Whileweengagemultipledistinguishedexternaladviserstocontributetoourwork,theanalysespresentedinourpublicationsareMGI’salone,andanyerrorsareourown.

YoucanfindoutmoreaboutMGIandourresearchat

/mgi

.

MGIDirectors

MGIPartners

SvenSmit(chair)

MichaelChui

ChrisBradley

MekalaKrishnan

KweilinEllingrud

AnuMadgavkar

SylvainJohansson

JanMischke

OliviaWhite

JeongminSeong

LolaWoetzel

TilmanTacke

America’ssmallbusinesses:Timetothinkbigiii

Contents

Ataglance3

Introduction5

1.SmallbusinessesarethebedrockoftheUSeconomy7

2.USsmallbusinessesstrugglewithproductivity11

3.Smallbusinesseconomicimpactandproductivityvariesbyregion16

4.MoreproductivesmallbusinesseswillboostUScompetitiveness24

5.Apathtohigherproductivity:Networksandinteractions30

6.WhatstakeholderscandotodriveMSMEproductivity35

Acknowledgments37

Endnotes38

America’ssmallbusinesses:Timetothinkbig1

Ataglance

—Micro-,small,andmedium-sizeenterprises(MSMEs)arethebedrock

oftheUSeconomy.Theyemploynearlysixintenworkers,producealmost

40percentofvalueaddednationally,andgrowintoameaningfulshareofverylargecorporations.

—MSMEsintheUnitedStatesareonlyhalfasproductiveaslargecompanies,comparedwith60percentinotheradvancedeconomies.Narrowingthe

productivitygap,whichisequivalentto5.4percentoftheUSGDP,isparticularlyvitalinaneraofshiftingglobalproduction.

—MSMEperformancevariesacrossUSstatesandmetroareas.Someofthe

variationisduetosectormix,butoverall,theperformanceoflargeandsmall

businessestendstogohandinhand,aslocalvariationsinfluencetheproductivityofallbusinesses,regardlessofsize.

—Interactionsbetweensmallandlargebusinessesarekeytoboosting

collectiveproductivity.Strengtheningnetworksandcollaborationwith

largecompanies—insupplychains,industryclusters,andcustomer–providerinteractions—couldhelpUSMSMEsgainadvantagesofscaleintechnology,humancapital,marketaccess,andfinance.

America’ssmallbusinesses:Timetothinkbig3

Introduction

California’sNapaValleywineindustryisworld-renowned,generating$50billionannuallyin

economicimpact.1

Thewinesproducedamongthe700wineriesintheregionrivalthoseofanyotherregionacrosstheglobe.

ThestoryoftheNapawineindustryisafamiliarone.Onlyafewdecadesago,theregionwasaruraloutpostwithasmallcommunityofmostlyindependentvineyards.Itboomedafterinvestorsand

entrepreneursworkedtogether,puttheirproducttothetest,andwonawardsagainsttheworld’sbestinthe1970s.

Napaisjustoneexampleofplacesandindustriesspringingupfromhumblebeginningstobecomeglobalsuccesses.Dalton,Georgia,isconsideredaglobalcarpetcapital.

2

Eighty-fivepercentof

thecarpetssoldintheUnitedStatesand45percentsoldgloballyaremadeintheregion.Similarly,HighPoint,NorthCarolina,isaglobalhubforfurniture—atonepointtheregionwasresponsibleforproducing60percentofallfurnituresoldintheUnitedStates.

3

Itsbiannualmarketshostexhibitorsfromaroundtheworld.

Today,Napawineries,Daltoncarpetcompanies,andHighPointfurniturefactoriesareamixofbig

andsmallbusinesses,andinmanycasesstillincludefamily-runoperations.Theysucceedednotonlybecauseoftheirproductbutalsobecauseoftheirabilitytoefficientlyproduceitatscale.Theregions’

successillustrateshow,undertherightconditions,micro-,small,andmedium-sizeenterprises(MSMEs)inanyindustrycanexpandtheirglobalreach.

Togetthere,USMSMEsshouldlooktorampingupproductivity,amovethatwillbevitaltoAmericancompetitivenessinthecomingyears(seesidebar“Measuringproductivity”).Smallbusinesses

canreachthenextlevelofgrowthbytakingadvantageofnewtechnology,includinggenerativeAI

(genAI),andpartneringwithbiggercompanies,andtheywillneedtheinfrastructureandsystemstosupportthem.

Measuringproductivity

Productivityisameasureofhow

efficientlygoodsandservices,oroutput,areproduced,comparedwiththeamountofinputsused.1Inmacroeconomicterms,itisdefinedasthevalueofthegoodsandservicesproduced,dividedbytheamountoflabor,capital,andotherresources

requiredforitsproduction.Forthisreport,wefocusonlaborproductivity,measured

1“Investinginproductivitygrowth,”McKinseyGlobalInstitute,March27,2024.

2“Stateandmetroareaemployment,hours,&earnings,”USBureauofLaborStatistics,April2023.

3Wefocusonnational-orsector-levelproductivityfromagrowtheconomicsperspective.Organizational-productivityresearchoftenstudiesissuesrelatedtoattrition,

disengagement,skillsmismatch,ortimeinefficiency.See,forexample,AaronDeSmet,MarinoMugayar-Baldocchi,AngelikaReich,andBillSchaninger,“Someemployeesaredestroyingvalue.Othersarebuildingit.Doyouknowthedifference?,”McKinseyQuarterly,September11,2023.

America’ssmallbusinesses:Timetothinkbig5

asvalueaddedperworker(inUSdollars

atpurchasing-powerparity).Themore

accuratemeasureoflaborproductivity

isvalueaddedperhourworked—asthe

numberofweeklyhoursworkedvaries

substantiallyamongUSstates.Forexample,theaverageweeklyhoursworkedby

productionemployeesonmanufacturingpayrollsintheUnitedStatesvariedfrom

27.7hoursinAlaskato44.3hoursin

Louisianain2023.2Weusetheper-workermetric,asitismorecommonlyavailable

acrosssizecategoriesandsectors.Due

tothelackofcomprehensivedataattheindividualcompanylevelformicro-,small,andmedium-sizeenterprises,werelyonsubsector-levelaverageproductivityto

makeinferences.3

1.Smallbusinessesarethebedrockofthe

USeconomy

TheMcKinseyGlobalInstituteaggregatedarichlygranulardatasetofMSMEsandlargecompaniesacross12broadsectors,68level-twosubsectors,andmorethan200level-threesubsectorsin

16countrieswithdifferentincomelevels,accountingformorethan50percentofglobalGDP.Inthisgroup(listedbypercapitaGDPin2021inpurchasing-power-parityterms)aretenadvanced

economies(theUnitedStates,Germany,Australia,theUnitedKingdom,Italy,Israel,Japan,Spain,

Poland,andPortugal)andsixemergingeconomies.MSMEsplayalargeroleacrosstheboard—intheadvancedeconomies,theyaverage66percentofemploymentand54percentofvalueadded.

TheUnitedStateshasanamplesmallbusinessengine.MSMEs,definedasbusinessesemploying

upto500people,areamajorfoundationofeconomicactivity,responsiblefor58percentofjobsand39percentofvalueaddedinthebusinesseconomy(Exhibit1).

Exhibit1

Micro-,small,andmedium-sizeenterprisesarethebackboneoftheUSeconomy.

ShareofUSeconomy,bybusinesssize,%

26

42

Businesssectoremployment

15

17

Microenterprises(1–9employees)

Smallenterprises(10–49employees)

13

8

Businesssectorvalueadded

6118

Mediumenterprises(50–499employees)

Largecompanies(>500employees)

11

4

Businesses

95

Note:Yearforwhichdataareavailableis2017.Micro-,small,andmedium-sizeenterprisesarethosewithfewerthan500employees.Analysisexcludesthe

followingsectorsduetoinconsistentdata:agriculture,?nancialandinsuranceactivities,realestate,publicadministrationanddefense,education,humanhealthandsocialwork,artsandentertainment,activitiesofhouseholds,andactivitiesofextraterrestrialorganizations.

Source:“Nonemployerstatistics,”USCensusBureau;“Updatedandexpandedsmallbusinessstatistics,”SurveyofCurrentBusiness,USBureauofEconomicAnalysis;McKinseyGlobalInstituteanalysis

McKinsey&Company

America’ssmallbusinesses:Timetothinkbig7

InsomeUSbusinesssectors,MSMEshaveanoutsizeimpact.Theyaccountformorethanthree-

fourthsofworkersandvalueaddedintheconstructionsector,forexample.Andtheyaccountfor

morethanhalfofallworkersandvalueaddedintheprofessionalservicesandaccommodationandfoodsectors(Exhibit2).

MSMEsalsohelpfueltheUSeconomicengine.CompaniesthatwereMSMEsatsomepointsince

2000nowrepresent17percentofpubliclytradedcompaniesvaluedat$10billionormoreasof

2023(Exhibit3).Smalltechnologycompanieshavemadethebiggestbreakthroughs—nearlya

quarteroflargepublictechcompanieswereMSMEsinthepast25years,MetaandZoomVideo

Communicationsamongthem.Manyoftoday’sbigmanufacturingcompaniesalsostartedassmallfactories.MonsterBeverageandTeslaarerecentexamples.Innovationhasbeenabigfactorinfast-scalingcompanies.Smallcompaniesinthetechsectorhaveproducedmorepatentsperemployeethantheirbiggercompetitors

.4

Exhibit2

USmicro-,small,andmedium-sizeenterprisesplayasizablerolein

construction,professionalservices,andaccommodationandfoodsectors.

Micro,small,andmediumenterprises’shareofcontributioninUSbusinesses,%

ValueaddedEmployment

Construction

Professionalservices

Accommodationandfood

Other1

TransportationRetailandwholesaletrade

ManufacturingICT2

75

56

53

44

38

34

24

23

87

64

62

64

54

46

44

44

Average:39Average:58

Note:Yearforwhichdataareavailableis2017.Micro-,small,andmedium-sizeenterprisesarethosewithfewerthan500employees.Analysisexcludesthe

followingsectorsduetoinconsistentdata:agriculture,?nancialandinsuranceactivities,realestate,publicadministrationanddefense,education,humanhealthandsocialwork,artsandentertainment,activitiesofhouseholds,andactivitiesofextraterrestrialorganizations.

1“Other”includesmining,utilities,administrativeandsupportservices,otherserviceactivities.2Information,communication,andtechnology.

Source:“Nonemployerstatistics,”USCensusBureau;“Updatedandexpandedsmallbusinessstatistics,”SurveyofCurrentBusiness,USBureauofEconomicAnalysis;McKinseyGlobalInstituteanalysis

McKinsey&Company

America’ssmallbusinesses:Timetothinkbig8

Exhibit3

Small?rmscontributetodynamism.

LargeUSpubliccompaniesthatwereMSMEs1atsomepointsince2000,2%

Totalscaled

companies,number

ICT3

Manufacturing

Mining

Retailandwholesaletrade

Transportation

12

24

45

4

3

1

21

12

9

3

USaverage:17

Note:Analysisexcludesthefollowingsectorsduetoinconsistentdata:agriculture,?nancialandinsuranceactivities,realestate,publicadministrationand

defense,education,humanhealthandsocialwork,artsandentertainment,activitiesofhouseholdsandactivitiesofextraterrestrialorganizations.Fourother

sectorswereexcludedfromthisanalysisduetolimitedavailabilityofcompany-leveldata:accommodationandfoodservices,professionalservices,

administrativeservices,andotherpersonalservices.

1Micro-,small,andmedium-sizeenterprises.

2Shareoflargepubliccompaniesin2022thatwereMSMEsatsomepointsince2000.Largecompaniesde?nedaspubliccompanieswithmarketcapitalization>$10billion(asofDec2022);numberoflargecompanies=403,ofwhich67wereMSMEsatsomepointsince2000.Thelistedsectorsinclude361large

companies,ofwhich65wereMSMEsatsomepointsince2000.3Information,communication,andtechnology.

Source:S&PCapitalIQ;McKinseyGlobalInstituteanalysis

McKinsey&Company

America’ssmallbusinesses:Timetothinkbig9

2.USsmall

businessesstrugglewithproductivity

TheUnitedStatesenjoysastatusasagloballeaderinbusiness,with621ofthe2,000largestglobalpubliclytradedcompanies,accordingtoForbes,andishometoadisproportionatelyhighnumberofverylarge,highlyproductivecompaniesorsuperstars.

5

However,whenitcomestosmallbusinessproductivityonaglobalscale,USMSMEsare

comparativelyaverage.USsmallbusinesses,inpurchasing-power-parityterms,areroughlyonpar

withthoseintheUnitedKingdom,Japan,Germany,andItaly.Amongthetenadvancedeconomieswestudied,smallcompaniesare,onaverage,60percentasproductiveasbigbusinesses—butUSsmallcompaniesarejust47percentasproductive(Exhibit4).

Amongthetenadvanced

economieswestudied,smallcompaniesare,onaverage,60percentasproductive

asbigbusinesses—butUSsmallcompaniesarejust47percentasproductive.

America’ssmallbusinesses:Timetothinkbig11

Exhibit4

USmicro-,small,andmedium-sizeenterprisesareonlyhalfasproductiveaslarge?rms—awidergapthaninotheradvancedeconomies.

MSMEproductivity,valueaddedperworker,1MSMEproductivityLarge-companyproductivity

$thousand(purchasingpowerparity)

MSMEMSME

productivityratio,2productivitygap,3

Portugal

Poland

Israel

Spain

Australia

Italy

Germany

Japan

US

UK

Advancedeconomiesaverage

66

34

50

50

31

69

40

60

48

52

45

55

39

61

48

52

53

47

84

16

40

60

020406080100120140

Note:Micro-,small,andmedium-sizeenterprises(MSMEs)arethosewithfewerthan500employees.Analysisexcludesthefollowingsectorsacrossallcountries

duetoinconsistentdata:agriculture,?nancialandinsuranceactivities,realestate,publicadministrationanddefense,education,humanhealthandsocialwork,artsandentertainment,activitiesofhouseholdsandactivitiesofextraterrestrialorganizations.Analysisalsoexcludesadditionalsectorsvaryingbycountry

becausedataarenotavailable,namelyotherserviceactivitiesinItalyandPortugal.

1Yearforwhichdataareavailableandrepresentedvariesbycountryfrom2016to2019;MSMEandlargecategorydefinitionsmatcheachcountry’snationaldefinition.

2DefinedasratioofMSMEproductivitytolarge-companyproductivity.3Measuredas1minusMSMEproductivityratio.

Source:Country-leveleconomicandbusinesscensuses;Eurostat;InternationalLaborOrganizationDepartmentofStatistics;laborsurveys;MSMEsurveys;OECD;S&PGlobalMarketIntelligence;McKinseyGlobalInstituteanalysis

McKinsey&Company

America’ssmallbusinesses:Timetothinkbig12

Smallbusinessproductivityvariesbysector.While,onaverage,USMSMEsareonparwiththoseintheUnitedKingdom,Japan,Germany,andItaly,theylaginafewsectors—mining,transportationandstorage,andadministrativeservices.Additionally,theytrailinsometechnologysubsectorssuchas

computerprogrammingandsomemanufacturingsubsectorssuchasbasicmetals,machineryandequipment,andfurniture.

Theproductivityratiorelativetolargecompaniesalsovariesbysector.IntheUnitedStates,it

rangesfrom35percentinminingto88percentintheadministrative-servicessector(Exhibit5).Inotherwords,MSMEsintheminingsectorfacethewidestgapinproductivityrelativetotheirlarge

peersinthesamesector,closelyfollowedbyinformationandcommunicationstechnology(ICT)andmanufacturing.Ontheotherend,MSMEsinadministrativeservicescomeclosesttoperformingasproductivelyastheirlargepeers.

Exhibit5

USmicro-,small,andmedium-sizeenterpriseproductivitylevelsvaryacrosssectorsandsizecategoriesrelativetolarge?rms.

Productivity,valueaddedperworker,1$thousand(purchasingpowerparity),

Microenterprise

Large

enterprise

Smallenterprise

Medium-sizeenterprise」

Accommodationandfood

Administrationservices

Otherservices

Transportation

Wholesaletrade

Professionalservices

Construction

Manufacturing

ICT2

Utilities

Mining

0100200300400500

600

Note:Micro-,small,andmedium-sizeenterprises(MSMEs)arethosewithfewerthan500employees.Analysisexcludesthefollowingsectorsdueto

inconsistentdata:agriculture,?nancialandinsuranceactivities,realestate,publicadministrationanddefense,education,humanhealthandsocialwork,artsandentertainment,activitiesofhouseholds,andactivitiesofextraterrestrialorganizations.

1OrderedbyoverallMSMEproductivity.Yearforwhichdataareavailable/representedvariesfrom2016to2019.2Information,communication,andtechnology.

Source:“Nonemployerstatistics,”USCensusBureau;“Updatedandexpandedsmallbusinessstatistics,”SurveyofCurrentBusiness,USBureauofEconomicAnalysis;McKinseyGlobalInstituteanalysis

McKinsey&Company

America’ssmallbusinesses:Timetothinkbig13

TheMSMEproductivityratiotendstobelowerand

theproductivitygapwiderin

sectorswherecompetenciessuchastechnology,humancapital,

marketaccess,andfinanceplayasignificantroleindriving

businesscompetitiveness.

Infact,inafewsectors—administrativeservices,professionalservices,transportationandstorage,andretailandwholesaletrade—medium-sizebusinesseswith50to499employeesperformatthesamelevelorevenbetterthanlargecompanies(withmorethan500employees).

But,apartfromaccommodationandfood,microenterpriseswithtenemployeesorlessandsmall

enterpriseswithtento49employeesarelessproductivethanmedium-sizeenterprises,whichareonaveragetwiceasproductive.Overall,thegapwidensasthecompanysizegetssmaller.

Thevastproductivitygapcanbepartiallyexplainedbydifferencesinthekindofworkundertakenbysmallandlargebusinesses.Smallbusinessesplayacrucialroleinenablingtheproductivityoflarge

companies,whichtendtofocusoncorecompetenciesandoutsourcelessessentialactivitiestootherbusinesses,aphenomenoncalledworkfissuring.

6

Thisresultsingreaterconcentrationofhigher-

value-addedactivitiesinlargecompanies,withsmallerbusinessestakingonlower-valuework.

Butultimately,theproductivityratiodependsonadvantagesofscaleinareassuchastechnology,humancapital,marketaccess,andfinance.MSMEsstruggletoaccessthesecompetenciesatthesamelevelaslargercompanies.Forexample,theshareofMSMEsthatadopttechnologiessuch

ascustomerrelationshipmanagementsystemsandartificialintelligenceisonlyhalftheshareof

largecompanies.7

Largecompaniesaretwiceaslikelytoprovideformalskillingprogramsandaremoreactiveinmonitoringperformanceandawardingperformancebonuses.

8

MSMEsderivejust

5percentoftheirtotalsalesfromdirectexports,whichisone-thirdofthesalesmadeoverseasby

largeenterprises.Theshareoflargebusinessesusingbanksforworkingcapitalfinancingis1.5times

thatofsmallbusinesses.Consequently,theMSMEproductivityratiotendstobelowerandtheproductivitygapwiderinsectorswherethesecompetenciesplayasignificantroleindriving

businesscompetitiveness.

America’ssmallbusinesses:Timetothinkbig14

3.Smallbusinesseconomicimpactandproductivity

variesbyregion

MSMEsareubiquitousacrossallstates,buttheireconomiccontributionisuneven.Ononeendare

statessuchasNevadaandSouthCarolina,wheresmallbusinessesemployaroundhalftheworkersandrepresentabout35percentofreceiptsinthebusinesseconomy.Ontheotherend,instates

suchasMontanaandVermont,aboutthree-fourthsofemploymentisinsmallbusinesses,generatingabout55percentofthosestates’receipts(seesidebar“Howsmallbusinessesfaredduringthe

COVID-19pandemic”).

Amongthetop40metropolitanstatisticalareas(MSA)byemployment,smallbusinessesaccountforbetween25and50percentofreceiptsandbetween50and70percentofemploymentinthebusinesssector(Exhibit6).

HowsmallbusinessesfaredduringtheCOVID-19pandemic

ThenumberofnewbusinessesregisteredeachyearintheUnitedStatesincreased

dramaticallyduringthepandemic.Over

2019to2021,thenumberofnewbusinessesregisteredincreasedby54percent.

However,whilenewbusinesseswere

registered,existingbusinessesclosed—andtheirnumbersappeartobeinbalance.Thenetnumberofmicro-,small,andmedium-

sizeenterprises(MSMEs)increasedbyonly6percentbetween2019and2021(exhibit).Ontheotherhand,despitethenumberof

newbusinessregistrationsgrowingonlyby

10percentintheprepandemicperiodfrom2017to2019,thenetnumberofMSMEs

grewby4percent,andtheiremploymentalsoincreasedby3percent.ArelativelyhighernumberofMSMEsappeartohavesurvivedduringthisperiod.

Despitethesignificantincreaseinnew

businessregistrationsduringthepandemic,thesebusinessesdidnotgenerate

proportionateemployment,withthenet

workforceinMSMEsfallinginhalfthestatesover2019to2021.Onaverage,thenumber

ofMSMEworkersfellby1percentintheUnitedStates.TheproportionofworkersemployedbyMSMEsstayedstagnant

forthemostpart.Thissuggeststhattheindustrystructuremightbegradually

changing,withsomesmallbusinesses

growingintolargecompanies,ormore

employeesmovingfromsmallertolarger

companies,transitioningtomoreproductivework.Overall,thisistherightdirectionof

movementfortheUnitedStates.

America’ssmallbusinesses:Timetothinkbig16

Howsmallbusinessesfared

duringtheCOVID-19

pandemic(continued)

Exhibit

Whilethenumberofmicro-,small,andmedium-sizeenterprisecompaniesgrewquicklyfrom2019to2021,theiremploymentratesremainedlat.

16141210 8 6 4 2 0–2

ChangeinnumberofUSMSMEs,

2019–21,%

MENH

VT

AK

MARI

WAMT

ND

WI

CT

MNMINY

SD

IDWY

IAILINOHPANJ

OR

NEMOKYMD

KS

OKLA

CO

NV

WV

DE

AR

CA

NCSC

DC

AZ

TNMS

VA

NM

AL

UT

TX

US

HI

GA

FL

8

ChangeinUSMSMEemployment,

2019–21,%

6

4

2 0–2–4–6–8–10–12

MENH

VT

AK

MARI

WAMT

ND

WI

CT

MNMINY

SD

IDWY

IAILINOHPANJ

OR

NEMOKYMD

KS

OKLA

CO

NV

WV

DE

UT

CA

NCSC

DC

AZ

TNMS

VA

AR

NM

AL

TX

US

HI

GA

FL

3.5 3.0 2.5 2.0 1.5 1.0 0.5 0–0.5–1.0–1.5

ChangeinUSMSMEcontributionto

employmentinthebusinesssector,

2019–21,percentagepointshift

MENH

VT

AK

WAMT

ND

WI

MARI

CT

MNMINY

SD

IDWY

IAILINOHPANJ

OR

NEMOKYMD

KS

OKLA

CO

NV

WV

DE

AR

CA

NCSC

DC

TN

AZ

VA

MS

NM

AL

UT

TX

US

HI

GA

FL

Note:Yearforwhichdataareavailableis2017.Micro-,small,andmedium-sizeenterprises(MSMEs)arethosewithfewerthan500employees.Analysisexcludesthefollowing

sectorsduetoinconsistentdata:agriculture,?nancialandinsuranceactivities,realestate,publicadministrationanddefense,education,humanhealthandsocialwork,artsandentertainment,activitiesofhouseholds,andactivitiesofextraterrestrialorganizations.

Source:“Nonemployerstatistics,”USCensusBureau;“Updatedandexpandedsmallbusinessstatistics,”SurveyofCurrentBusiness,USBureauofEconomicAnalysis;McKinseyGlobalInstituteanalysis

McKinsey&Company

America’ssmallbusinesses:Timetothinkbig17

ThecontributionsofMSMEstoemploymentandbusinessrevenuevarieswidely.Amongstates,thebiggestcontributionsareintheUSNortheastandthelowercontributionsareintheSouth.

Amongthetop40USMSAs,thecontributionofemploymentandrevenuevariesevenmorethanamongstates,butthereisnoconcentrationbyregionorstate.NewYorkandMiamiareoutlierswhereMSMEsplayabiggerroleintheeconomy.

ThecontributionsofMSMEsto

employmentandbusinessrevenuevarieswidely.Amongstates,

thebiggestcontributionsareintheUSNortheastandthelowercontributionsareintheSouth.

America’ssmallbusinesses:Timetothinkbig18

Exhibit6

Micro-,small,andmedium-sizeenterprisesplayasizableroleacrossallUSstatesandmetropolitanstatisticalareas,butwithvariation.

MSMEbusinesssectorreceiptsandemployment,byregion

60

55

50

45

Shareof

receipts,

%

40

35

30

25

States

USaverage

VA

UT

MNOMS

DC

FL

PA

NH

OHI

MD

SD

●

MT

RI

MEVT

NY

●

OR

ID

WI

MA

NJo-DEoCT

CA

NMoOK

●

ND

WY

oNCOOLA

O