The U.S. has always been regarded as the land of opportunity. Small businesses have been the backbone of the United States economy for decades. Most businesses that get started are based on someone’s ambition and passion, which then quickly turns into a small business.
Idaho is certainly no stranger to small businesses; as a matter of fact, when you compare the number of small businesses with the state’s population, there are many small businesses currently thriving within the state, and the number of them is consistently increasing each year.
The Gem State is a solid contributor to the United States’ huge economy. Over the past several years, Idaho’s support for small businesses has been evident with the state’s pro-business approach, which in return has enabled thousands of small businesses to thrive. This is due to the sheer number of small business resources, like development centers, investors, support networks, and free professional advice and assistance.
Number of Small Businesses in Idaho
So, how many small businesses are there in Idaho? There are 169,151 small businesses in Idaho, according to the latest figures (2020) from the SBA.
It is not just Americans and Idahoans starting small businesses in the state; Idaho is also attractive to foreigners investing and starting businesses in the state. There were 4,956 immigrant entrepreneurs in Idaho in 2018 that accounted for 5% of all self-employed Idaho residents.
The following bar graph shows the number of small businesses in Idaho in 2016, 2017, 2018, 2019, and 2020.
Of the 169,151 small businesses in Idaho in 2020, there are many different enterprises from small, one-person sole proprietorships or LLCs to much larger businesses with a hundred or more employees. If you want to join the 169 thousand-plus small businesses in Idaho, it is fairly easy to register a business in Idaho.
To be a small business in Idaho, you have to qualify as one. So, to operate as a small business in Idaho, you must have a company with less than 500 employees.
Let’s take a deeper dive into the number of small businesses in Idaho by looking at the top industries, business owners, employees, and more!
Latest Small Businesses Statistics in Idaho
- Small businesses equate to over 99.2% of all businesses in Idaho.
- There are 325,294 small business employees in Idaho, which is 56.3% of the states’ employees.
- In 2019, Small Businesses in Idaho added 16,609 new jobs!
- Small businesses employing fewer than 20 employees created the most job gains.
- There are 9,203 self-employed minorities in Idaho demonstrating diversity within the state.
- Trade is important for many businesses, and there are 1,404 small business exporters in Idaho.
- There are more construction small businesses in Idaho than any other type – 21,367.
- Professional, Scientific, and Technical Services firms make up the 2nd largest number of small businesses in Idaho – 20,863.
How Many Small Businesses in Idaho?
Over 169,000+ is a lot of small businesses to be registered in any one state, especially since it is the 39th most populous one! Compared to the rest of the U.S., the total number of small businesses in Idaho is 0.53% of all U.S. businesses. There are 31.7 million small businesses in the U.S.
The number of small businesses in Idaho has been growing over the past several years. In 2017 there were 154,410 small businesses, which increased to 158,426 in 2018, representing a 2.6% increase. In 2019 there were 162,905 small businesses in Idaho, 4,524 more than the state had in 2018, representing a 2.82% increase.
From 2019 to 2020, the number of small businesses in Idaho rose again, to 169,151. This is the largest increase in percentage over the past five years (3.83%) and is evidence as to why Idaho’s economic strength has been building at an impressive rate over the past several years.
We hope this information is useful for those interested in starting a company in Idaho, marketing your company to other small businesses in the Gem State, or expanding your business in the state.
Idaho has much to offer employers, employees, companies, and entrepreneurs, which is why many continue to gravitate to the state due to its consistently improving business environment, which in return has provided an abundance of incredible opportunities for everybody.
With solid infrastructure, access to large consumer markets, a highly regarded economic and business climate, a brilliant education system, a highly skilled workforce, readily available business resources, and a manageable taxation system, it is clear to see why.
If you would like to download the latest 2020 Small Business Profile on Idaho from the U.S. Small Business Administration, Office of Advocacy, the Profile can be downloaded here.