Sage and Cebr Forecast US SMBs as a Jobs and Growth Engine, With SMBs Set to Employ Almost 45% of Business Workers by 2025
10 Januar 2023 - 03:00PM
The “SMBs Driving Economic Recovery”
report from Sage – the leader in accounting,
financial, HR and payroll technology for small and medium-sized
businesses (SMBs) – today reveals that, despite ongoing economic
turbulence, United States SMBs have become increasingly resilient
against macro headwinds and will continue to make significant
contributions to the global economy until 2025. Employment by
United States SMBs is projected to grow by 0.6% and reach a record
high of over 63.3 million jobs by 2025, making up 44.8% of all
business workers.
Commissioned by Sage and published in partnership with The
Centre for Economics and Business Research (Cebr), the
analysis examines the role of SMBs in driving economic recovery
across eight key markets: the US, UK, Canada, Spain, Germany,
France, Ireland and Portugal, assessing data from 2005 onwards to
forecast growth trends between 2022 and
2025.
The report, which assesses data in the period from 2005 to 2019,
including the impacts of the Global Financial Crisis, then
forecasts growth trends over the next three years. The study
further outlines the role of SMBs in powering global economies,
with the sector showing no signs of slowing. By 2025, Cebr
forecasts that the number of United States SMBs will grow by 36,000
and by nearly 1.2 million across the eight countries studied.
Historical market analysis by Cebr, also underlines the vital
role of SMBs in the economic bounce back from the 2007-2009 Global
Financial Crisis, projecting a similar path ahead. By 2015, SMBs in
the US employed an additional 3.9 million people when compared to
2010, while SMBs in Canada saw a 745,000 rise in employment across
the same period, a clear signal of the importance of North American
SMBs to the broader economic recovery.
Aziz Benmalek, North America President at Sage says: “In the
midst of an extremely challenging economic period, we wanted
to quantify the importance of SMBs in bringing economies into
recovery. While we do not underestimate the challenges that these
business owners face today, they are arguably better positioned to
adapt to the changing economic landscape and it’s encouraging to
see their vital role in driving worldwide growth continuing.”
“Our research with the Centre for Economics and Business
Research (Cebr) gives me confidence that SMBs will once again be
the cornerstone of our economic recovery in the years ahead, just
as they were in 2009 in the aftermath of the global financial
crisis.”
Of all the sectors contributing to growth, the professional,
scientific, and technical sector made the strongest gains, not
least helped by digitalization, and was important to recovery
across most studied markets. For example, in the US, employment by
SMBs within this industry grew by 411,000 between 2010 and 2015.
More broadly, historical data shows that despite the 2007-2009
recession, business turnover in total US SMBs increased by $437
billion between 2007 and 2012.
“We were lucky enough to survive the last
downturn by having a necessary business offering,” said a senior
leader at a tax consulting services company interviewed by Sage and
Cebr about his experiences navigating the current economic climate.
“Our plan for today is to take stock and to continue to watch the
business environment closely – there's a lot to consider but it’s a
great time to realign our objectives, and we have ambitious plans
for the future.”
Notes to editors Working with
Cebr, one of the UK’s leading economics consultancies, Sage has
researched eight markets globally to understand SMBs’ role in
driving economic recovery, and using historic insights from the
last recession in 2007-2009, to predict trends up until
2025.
To download the full research report, visit
www.sage.com/en-gb/company/digital-newsroom/.
About Sage Sage exists to knock
down barriers so everyone can thrive, starting with the millions of
Small and Mid-Sized Businesses served by us, our partners and
accountants. Customers trust our finance, HR and payroll software
to make work and money flow. By digitising business processes and
relationships with customers, suppliers, employees, banks and
governments, our digital network connects SMBs, removing friction
and delivering insights. Knocking down barriers also means we use
our time, technology and experience to tackle digital inequality,
economic inequality and the climate crisis. Media
Contacts Mara MaddoxSage US Public Relations
Managermara.maddox@sage.com
AxiCom (on behalf of
Sage)Sageusteam@axicom.com
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