Report: Some Segments of Small Business See Revenues Approaching Prerecession Levels
Jun 8, 2012
| Print this page
Small business revenues and employment in the United States are slowly growing, although more growth is needed to reach prerecession levels. These results come from the monthly Intuit Inc. Small Business Employment and Revenue Indexes.
The index shows that revenues are gradually starting to approach 2007 prerecession levels with an upturn in revenues for some industries and a flat level for others. The index reported no declines for any industry segment.
The index shows employment grew 0.2% in May, for an annualized rate of 2.5%.
"The employment and revenue indexes tell a consistent story," said Susan Woodward, the economist who worked with Intuit to create the Intuit Small Business Indexes. "Both indicate there is a recovery underway."
She said two more years of growth in small business employment will return employment to its early 2007 level.
"The industry breakouts of the revenue indexes help us understand why the recovery is slow - construction is still far below normal," said Woodward. "We know from other federal data as well that construction is still very depressed. Single family construction is running about 600,000 units per year, compared to 1.5 million units per year in normal times."
Back to Breaking News