Small Business Report Confirms Strong Sector

The Ministry of Small Business, Technology and Economic Development and Western Economic Diversification Canada announced on October 16 that two reports released provide significant indicators of the economic health of small business in British Columbia according to Iain Black, Minister of Small Business, Technology and Economic Development.

Both the Small Business Profile 2009 and the Small Business Roundtable 4th Annual Report to Government confirm that B.C.’s small business sector is strong and vibrant.

More information about the Small Business Roundtable Annual Report is available at http://blog.webnames.ca/2009/10/bc-small-business-roundtable-r.html

The other report, The Small Business Profile 2009, was created in partnership between the Province, BC Stats and Western Economic Diversification Canada.

For a copy of the Small Business Profile 2009, visit www.resourcecentre.gov.bc.ca/pdf/SB_Profile_2009.PDF

Highlights from the Small Business Profile 2009 (note the report reflects data from 2008)

  • Small businesses drive the BC economy employing over one million people and making up 98 per cent of all B.C. business.
  • British Columbia leads the country in small businesses per capita, with 87.7 small businesses per 1,000 people in 2008.
  • Small business accounted for over a third – 34 per cent – of British Columbia’s GDP, the highest of all provinces.
    British Columbia’s share of self-employed workers is the highest in the country, accounting for 18.5 per cent of total employment, well above the national average of 15.4 per cent.
  • 384,300 small businesses operated in the province in 2008, with nearly 82 per cent as micro-businesses with fewer than five employees.
  • Small business employs about one million people, providing nearly 56 per cent of all private-sector jobs in B.C.
  • Women make up 34 per cent B.C.’s self-employed – the fourth-highest rate in the country.
  • Since 2001, small businesses in B.C. have created 172,700 new jobs – 10,800 in 2008 alone.
  • There were nearly 8,500 small businesses in B.C.’s high-tech sector in 2008, making up about 96 per cent of all high-tech business.
  • Small business workers have seen annual earnings increase by 24 per cent over the past five years – more than twice the increase for large business workers.

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