Entrepreneurs and Young Firms Drive Economic Development
May 9, 2013
For politicians struggling to create the proper policy environment for economic recovery, job creation is the ultimate goal. To understand best how to create more jobs, policymakers must be aware that young start-up firms are the primary driver of job growth and destruction in the U.S. economy, says Salim Furth, a senior policy analyst at the Heritage Foundation.
- Firms with more than 500 employees provide 45 percent of the jobs in the private non-farm economy.
- In large firms and industries, more jobs are created, as well as more jobs are destroyed.
- The constant churn of jobs in the economy is healthy. Between 1975 and 2005, economists reported that gross annual job creation was 17.6 percent and gross annual job destruction was 15.4 percent, resulting in net job creation of 2.2 percent annually.
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