This week, Arizona joins the nation in celebrating Small Business Week and is recognizing the more than 592,000 small businesses throughout the state. Small Business Week honors the entrepreneurs, small business owners and employees who help power the economy and support their communities.
Small businesses are the backbone of Arizona’s economy, making up more than 99% of Arizona’s businesses and employing more than one million people.
Arizona has more than 592,000 small businesses in the state, making up 99.4% of Arizona businesses.
Of the state’s small businesses, 485,000 represent self-employed individuals.
Arizona’s small businesses employ 1.1 million people, making up approximately 43% of the state’s private sector workforce.
Small businesses created more than 44,000 new jobs in Arizona in 2019.
Additionally, Census data indicates there are more than 43,600 women-owned companies in Arizona.
The Arizona Commerce Authority has resources and support for businesses. Employers and businesses of all sizes can access business guidance, financial resources, county programs, workforce tools and much more that can serve as a guide during the pandemic.
Arizona Together also offers support for businesses, including information on shared work programs, webinars, manufacturing and much more. Health and safety guidance and requirements for employers and employees can be found HERE.
In August, Arizona added nearly 80,000 jobs. The state’s unemployment rate dropped to 5.9%, down from 10.7% in July and lower than the U.S. overall rate of 8.4%. Arizona’s private sector in Arizona recorded a gain of 30,400 jobs, which is 12,200 more jobs than the ten year average for the month.
Additionally, a recent ranking of state economies by 24/7 Wall Street listed Arizona at sixth in the nation. The same report showed Arizona had the 4th highest 5-year annualized employment growth rate through June 2020.