Supporting small businesses continues to dominate political conversations on the Main Street economy. This comes as no surprise: small businesses have been responsible for 64 percent of net new jobs since the 2007 recession. According to a study conducted by the Store Front Business Index (SFBI), these businesses are growing 3.1 percent annually, compared to the 2.7 percent growth of the national real GDP.
SFBI recorded the most dramatic growth in the southwest and mountain areas of the country; they clocked in at about 4 percent. The fastest growing business category was Professional Services, which grew 4.9 percent. Wages also remained strong, growing an average of 4.9 percent.
SFBI is a collaboration between CAN Capital and PYMNTS.com. The index tracks nearly 3.4 million business across the United States based on growth in new establishments, real wages and employment. The Q4 Index is available at the PYMNTS website.