Whitmer announces new data showing record small business growth

On Monday, Michigan Governor Gretchen Whitmer highlighted new data showing Michigan’s economic jumpstart continues as small businesses in the state are experiencing tremendous growth and expansion. In the first three quarters of 2021 alone, small businesses with fewer than 50 employees created almost 170,000 jobs, the fastest start to small business job growth in 23 years, according to the Michigan Bureau of Labor Market Information. The state also saw an explosion of entrepreneurs and business owners beginning new ventures in 2021, with 150,000 new small business applications filed to start businesses, which is 59% more than in 2019.

“Small businesses form the backbone of Michigan’s economy and are the anchors of communities across the state. Through tough times, they’ve shown grit and innovation to continue getting things done for their customers and employees,” said Whitmer. “Recent data shows that entrepreneurs are fired up, starting tens of thousands of businesses and creating nearly 170,000 jobs. While the numbers are encouraging, we must build on this momentum by making investments to retain and recruit more workers, expand operations, and attract additional investment. Together, let’s keep getting things done for Michigan’s booming small business community.”

Michigan is home to 902,000 small businesses, with 1.9 million small business employees, representing 48.3 % of Michigan workers. 99.6% of Michigan businesses are defined as small businesses with fewer than 500 employees.

“The entrepreneurial spirit is thriving in Michigan,” said J.D. Collins, CEO of Michigan Small Business Development Center,?a statewide resource for small businesses.?“Our consultants are experiencing a record number of start-up ventures and businesses in generational transition. We need the continued support of programs such as the MI New Economy Plan to ensure that Michigan is the best place to start and grow a business.”