Economy

Nearly a third of Florida businesses are young

Businessman drawing business strategy concepts with chalk

Of the 5.4 million businesses in America, 8.9 percent have been in business for less than two years according to data from the U.S. Census Bureau’s inaugural Annual Survey of Entrepreneurs.

In Florida, 37 percent of businesses are five years old or younger. And 10.6 percent of those firms are less than two years old.

About 3.1 percent of those firms are “mature” — having been in business for 16 years or more. In Florida, 3.6 percent of firms are 16 years or older.

Beginning with today’s release of 2014 statistics and continuing through the release of 2016 data, the Annual Survey of Entrepreneurs will supplement the Survey of Business Owners, conducted every five years.

The survey is a public-private partnership between the U.S. Census Bureau, the Ewing Marion Kauffman Foundation and the Minority Business Development Agency. 

Part of the Studer Community Institute’s mission to improve the quality of life in the community is through its series of training workshops for businesses, nonprofits and groups.

The Institute’s workshops are keenly focused on giving folks the tools and techniques they need to implement changes large and small in their workplaces or organizations.

Your next chance to gain some of this valuable insight is coming on Sept. 15, when SCI will partner with Navy Federal Credit Union to explore ways to bridge the gap among the generations in your workplace. “Generational Differences in the Workplace” will be at Pensacola Little Theater in downtown Pensacola. To register for that session, or for more details, click here.

The Institute’s signature event — EntreCon Pensacola 2016 — is set for Nov. 3-4 at Pensacola Little Theater. The two-day workshop will feature speakers and breakout sessions designed to inspire and support entrepreneurs.

Whether you are just starting out or entering the mentorship phase of the Entrepreneur’s Life Cycle, EntreCon’s slate of speakers has something for everyone. For details, click here.

The Census Bureau data released today is at the national and state level, and for the 50 most populous metropolitan statistical areas.

Florida data from the Annual Survey of Entrepreneurs.

Florida data from the Annual Survey of Entrepreneurs.

Census Bureau director John H. Thompson said in a news release that the annual data release will provide “information vital to understanding the state of our economy.”

The survey shows:

— 17.5 percent of businesses nationally are minority-owned. In Florida, 24.3 percent of business are minority owned.

Among minority-owned employer firms, 12.9 percent had been in business for less than two years, while only 1.4 percent had been in business for 16 or more years.

— 19.4 percent of firms are owned by women. Of these, 10.8 percent had been in business for less than two years, whereas 1.9 percent had been in business for 16 or more years.
Later this month, the Census Bureau will release statistics on the characteristics of businesses and their owners, including information on business innovation and research and development activities.

Other highlights include:

— Nationally, professional, scientific and technical services had the largest number of firms, (771,341); followed by retail trade (643,236); construction (638,839); and health care and social assistance (635,107).

— About one-third of employer firms (33.6 percent) in the accommodation and food services sector were minority-owned.

— Among all employer firms in the educational services and the health care and social assistance sectors, 28.0 percent were women-owned.