Small & Medium Businesses: Our Economic Super Heroes!

I attended the Economic Outlook for 2012, hosted by the Pasco Economic Development Council, along with my colleagues Yanina Rosario and Carol Hendrix. The keynote speaker was Scott Brown, Ph.D., Chief Economist with Raymond James. This was a sold-out event with over 200 people from across the Tampa Bay region in attendance.

Dr. Brown spoke about what to expect in 2013: The Bush tax cuts are set to expire, the payroll tax reductions are also set to expire, and we can expect spending cuts to begin. He stated that this could subtract 4% from the GDP.

He also took a look at unemployment, as of December 2011:

The national average = 8.5%
Florida = 9.9%

Hernando = 12.7%
Pasco = 11.2%
Pinellas = 9.8%
Hillsborough = 9.5%

These numbers are deceptive, he stated, because there are many folks that have given up looking for a job, and therefore are not counted in the statistics. Dr. Brown was named Bloomberg Markets’ January 2011 Top Forecaster of the U.S. economy (http://www.raymondjames.com/pdfs/reprints/bloomberg_markets_scott_brown.pdf).

While the unemployment situation is not heartwarming, he did have good news: Small and Medium sized businesses create the most jobs! His graph showed that only a tiny percentage of jobs are created by large businesses. He defined small business as having 1-49 employees; medium businesses as 50-499 employees, and large business as having over 500 employees.

“Importantly, job growth appears to have picked up for small and medium-sized firms, which usually account for the bulk of new jobs during an economic expansion.”

http://www.raymondjames.com/pdfs/monit/mnth120117.pdf

Your Small Business Development Center is here to assist the economic super-heroes: you! We’ve always known that small and medium sized enterprises (SMEs) are the solution to our nation’s problems. That’s why we offer no-cost consultation and low-cost training to help you grow your business. Only through growth can you afford to hire new employees!

Dr. Scott stated that our economic recovery will continue, but at a slow pace. Let us help you boost your business. Every super-hero needs a side kick!!