Small enterprises, which form the foundation of the area’s economy, are prevalent throughout Southern California. Any region’s economic growth and development depends on its small enterprises, and Southern California is no exception. The number of small enterprises in Southern California as well as other pertinent issues will be covered in this article. In Southern California, How Many Small Businesses Are There?
California had 1.6 million small businesses, employing 7.2 million people, according to the 2020 Small Business Profile published by the U.S. Small Business Administration (SBA). 99.8% of all enterprises in the state were small firms. More than 3.2 million people were employed by more than 800,000 small enterprises in Southern California alone. Small firms in the area produced an estimated $550 billion in revenue each year, underscoring their significance to the regional, state, and federal economies.
There are 500 significant corporations in the United States, according to the 2021 Fortune 500 List, with Walmart taking the top spot for the seventh year in a row. Companies are ranked on the list according to their fiscal year prior revenue. Exxon Mobil, Apple, and Amazon are just a few of the other well-known businesses on the list.
How many jobs are created by Fortune 500 companies? The importance of Fortune 500 businesses as American employers and the influence they have on the labor market cannot be overstated. Over 29 million people are employed worldwide by Fortune 500 businesses, with more than 60% of those positions located in the US, according to a survey by Fortune. The report also emphasizes how many well-paying positions have been produced by these businesses, with a Fortune 500 company’s average wage exceeding $80,000.
In conclusion, Southern California’s economy depends heavily on small enterprises, which employ millions of people and bring in billions of dollars annually. Small enterprises in the area are a major force behind economic expansion and the source of several new jobs. On the other hand, big businesses, as seen by the Fortune 500 list, play a key influence in the American labor market by producing millions of high-paying employment. The economic health of the United States and Southern California depends on both small and major firms.