GlobeNewswire

LegalRegistration.com Says Number of Small Businesses Increased in 2022

Projections Indicate Continued Growth Through 2023

WILMINGTON, Del., Sept. 09, 2022 (GLOBE NEWSWIRE) -- LegalRegistration.com, a national business compliance service, released information about United States small business growth. The organization stated that, despite currently dealing with a tumultuous national economy due largely to the effects of the COVID-19 pandemic, small business growth increased from 2021 to 2022. The organization also stated that its projections indicate that more growth will take place from 2022 into 2023. This is great news for anyone concerned about the current state of the national economy, as ongoing debates continue to take place concerning whether the US economy is currently in a recession.

LegalRegistration.com released a statement that in 2021, the total number of small businesses within the United States increased by 2.5% from the previous year. As a result, the number of small businesses in the country has grown by almost 10% from 2017 to 2022. Here is how the US Small Business Administration (SBA) defines a "small business." It is any firm featuring "fewer than 500 employees." The SBA also recently stated that U.S. small businesses make up a whopping 99.99% of all companies in the country.

Bill Johnson, an executive at LegalRegistration.com, provided the following comment about the growth of small businesses in recent years. "It comes as a little surprise to me that small businesses are continuing to grow all across the country. After all, my own business provided more legal entity registrations for new small businesses in 2021 than any other year. Let's hope more small businesses continue to get formed. The future of our economy largely depends on their success. With the high number of folks registering their companies through our services this year, I have no doubt that we'll continue to see positive growth numbers in 2022."

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