Making Money host Charles Payne explains the importance of a phenomenal new small business report.
US Chamber of Commerce President and CEO Suzanne P. Clark delivered a speech Thursday on “The State of American Business,” which highlighted the local impact of businesses and the importance of small businesses.
Small businesses are responsible for employing nearly half of the American workforce and driving about 43.5% of US gross domestic product (GDP), according to a Chamber report released last year. Clark’s speech highlighted the importance of small businesses — including those like franchises that some might not consider small businesses — to local economies.
“The state of American Business is local because businesses serve people where they are. And if you think about it, that makes all business local,” Clark explained. “This is true, of course, for the small businesses that line Main Street and the locally based businesses that employ hundreds, if not thousands, of people in a community and drive its economic ecosystem.”
“It’s also true of the national chain restaurant where you had your first job. The technology company that makes the equipment and the Internet service provider that together enable you to work from your kitchen table or home office. Energy producers that fuel your vehicles so you can drive around town, institutions that provide financing so you can start a business in your basement,” Clark said.
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US Chamber of Commerce President and CEO Suzanne Clark emphasized the importance of small businesses and the local impact of all businesses in her speech. (David Kawai/Bloomberg via Getty Images/Getty Images)
“Wherever a company, a service, a product or a solution originates, its impact is always local. Because local is where we live our lives,” she added.
The Chamber President and CEO also discussed the importance of global trade to small, local businesses, as well as the overall US economy.
“To drive economic growth, America must participate in the global economy,” Clark said. “There are opportunities to boost trade, which already supports 40 million U.S. jobs and makes the goods and services we all need more affordable to expand exports and help small businesses reach global markets and welcome imports that increase consumer choice and keep prices low.”
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Small businesses employ nearly half of American workers, a Chamber of Commerce report last year noted. (Lane Turner/The Boston Globe via Getty Images / Getty Images)
Clark delivered her speech in Dallas, Texas, and noted that the Dallas-Fort Worth Metroplex shares some commonalities with other economically vibrant regions in the country.
Among those characteristics are a diverse industrial base, low unemployment and a deep talent pool, as well as “a healthy mix of small businesses – serving and enriching their communities and large businesses – bringing jobs, activity economic and tax revenue”. plus infrastructure, access to global markets and an innovation ecosystem.
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Clark delivered her speech from Dallas, Texas, and noted the attributes that have made the Dallas-Fort Worth Metroplex an economic powerhouse. (Kirby Lee/Getty Images/Getty Images)
She went on to note that while many communities are not experiencing that level of growth, the US must strive to ensure that communities are not left behind economically, and that doing so depends on ensuring favorable conditions for trade.
“We all know there are a lot of places, a lot of communities, that don’t feel the energy, that don’t see the growth,” Clark said. “We need to be a nation where local communities are not left behind. Where there are no food deserts, where crime does not preclude commerce, where private investment is welcomed, where young people want to stay and come back and build businesses and careers. , where people can get ahead and provide for their families.”
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“Not every community can, should or wants to be the next booming metropolis, but all want the economic opportunity that offers the quality of life and promise of opportunity that all Americans desire,” she added.
