Federal Procurement Spending: The federal government allocates over $600 billion annually on goods and services, making it one of the largest procurement markets globally. Private Sector Procurement Spending: The private sector spends trillions of dollars annually on procurement activities, encompassing a wide range of industries such as manufacturing, retail, healthcare, technology, and services.
13%
Despite that the Millennial generation is considered to be highly entrepreneurial, Millennials own just 13% of small businesses. Meanwhile, the vast majority of small businesses are owned by Boomers and Gen X, illustrating “the generation gap” in business ownership.
99.9%
While large corporations often grab headlines, it’s small businesses that form the bedrock of the American economy. Recent data from the U.S. Small Business Administration reveals a remarkable figure: 33.3 million businesses in the United States qualify as small businesses, making up 99.9% of all U.S. businesses.
45.9%
The impact of small businesses on the U.S. job market is more significant than often perceived. Although a majority of small businesses, over 80%, operate without any staff, these entities still employ a total of 61.6 million people. This figure represents 45.9% of the entire U.S. workforce.
12.9M
Despite the average small business being operated by a solo founder, these enterprises have been a significant source of job creation in the U.S. In the past 25 years, small businesses have been responsible for generating nearly 13 million net new jobs.
43.4%
The increasing percentage of female-owned businesses, currently at 43.4%, shows a positive shift towards greater gender equality in entrepreneurship. This change reflects broader societal movements towards inclusivity and the breaking down of traditional barriers in the business world.
26.5%
Small business contracting reached an all-time high 26.5% of federal contract dollars to small businesses. This historic level amounts to a $162.9 billion investment in the small business economy – an $8.7 billion increase from the previous fiscal year.
Government-Wide Procurement Vehicles: Federal agencies utilize Government-Wide Acquisition Contracts (GWACs) and Multiple Award Schedules (MAS) to streamline procurement processes and leverage pre-negotiated terms and conditions.
Private Sector Procurement Spending: The private sector spends trillions of dollars annually on procurement activities, encompassing a wide range of industries such as manufacturing, retail, healthcare, technology, and services.
Supplier Diversity Initiatives: Many private sector companies prioritize supplier diversity as part of their corporate social responsibility efforts. These initiatives aim to increase opportunities for minority-owned, women-owned, veteran-owned, and small businesses in the procurement process.