Many small
businesses were adversely affected by the economy of 2008, as
other small firms prepared to help shape the recovery.
Shawne McGibbon, Acting Chief Counsel for Advocacy
Small businesses in most industries were hard hit by the
housing market downturn and saw declines in employment. Along
with declining sales, most small businesses faced a less
accommodating credit market, especially in the second half of
2008.
"Many small businesses were adversely affected by the economy
of 2008, as other small firms prepared to help shape the
recovery," said Acting Chief Counsel for Advocacy Shawne
McGibbon. "Policymakers have made it clear that it's important
to understand and respond to both the recession's effects on
small firms and small firms' role in creating new economic
activity. This report reviews changes in the economy of 2008 as
well as recent Advocacy research on small business."
The 2009 edition of The Small Business Economy, A Report to
the President reviews the economic environment for small
businesses in 2008, including federal procurement and the
financing marketplaces. The first chapter also looks briefly at
some key issues for small business, including the cost and
availability of health insurance, retaining a quality work
force, and global competition. Appendices provide data on small
business and a summary of Office of Advocacy research published
in 2008.
