The booming United States economy is benefiting all Americans as job creation soars and wages rise. And it’s giving small businesses the confidence to grow.
More than 2.6 million jobs were created in 2018. For the first time on record, there are more job openings than people looking for work. The national unemployment rate remained at or below 4 percent for the past 12 months, the longest streak in nearly five decades (since 1969, back when I was a junior in high school and telephones still had cords!). And for the first time in almost a decade, American workers saw hourly wages grow more than 3 percent.
The U.S. Small Business Administration is an advocate for small businesses in our capital. As the SBA’s Regional Administrator, I see two significant policy initiatives having a positive impact on small businesses.
President Trump has rolled back regulations that stifle business growth through red tape and compliance costs. In 2018, federal agencies issued 12 deregulatory actions for every new significant regulatory action, saving businesses $23 billion in regulatory costs.
And as I meet with small business owners throughout Missouri, Kansas, Iowa and Nebraska, I hear how the Tax Cuts and Jobs Act has spurred more business investment. Most small businesses can now deduct 20 percent off their taxable income even before they get into the savings from the new lower rates. And for the first five years, they’ll be able to write off any investment in new equipment the year it’s made. Sabetha Mumm, the owner of Dance Passion in Johnston, Iowa, reported she is already determining how she’ll use the savings she expects.
A booming economy makes this a terrific time for entrepreneurs like Mumm. With confidence in their jobs and money in their pockets, consumers are spending money on the goods and services businesses create. The SBA works to help small businesses start, grow and expand. The SBA helps entrepreneurs get funding, counseling, training, mentoring, and access to government contracts. For more on how the SBA can help you, visit www.sba.gov today!