Small business revenue reflects how the U.S. economy is built—from owner demographics and firm size to where businesses operate. On this page, you’ll compare women-, minority-, veteran-, and under-35–owned firms, then look across states to see how local industry and workforce conditions shape totals. You’ll also explore industry differences and the latest growth patterns through major economic cycles, including pandemic-era shifts.
Key Takeaways
- Small businesses owned by women generated 48% higher revenue growth than male-owned in 2022 U.S.
- Minority-owned small businesses had average revenue of $1.1 million vs $1.4 million non-minority in 2021
- Veteran-owned small firms generated $1.2 trillion U.S. revenue in 2022
- California small businesses generated $2.9 trillion in revenue in 2022
- Texas small firms accounted for $2.1 trillion U.S. small business revenue in 2021
- New York small businesses generated $1.8 trillion revenue in 2022
- In 2022, U.S. small businesses collectively generated $18.8 trillion in revenue, accounting for 43.5% of total U.S. private-sector GDP
- Small businesses with fewer than 20 employees contributed 41% of U.S. small business revenue in 2021
- The average annual revenue for U.S. small businesses was approximately $1.2 million in 2022, varying by industry
- Retail trade small businesses generated $5.4 trillion U.S. revenue in 2022
- Construction sector small firms accounted for 78% of industry revenue at $2.1 trillion in 2021 U.S.
- Manufacturing small businesses generated $2.3 trillion or 42% of sector revenue in U.S. 2022
- Small business revenue grew 12.4% from 2019 to 2020 despite pandemic dip U.S.
- U.S. small business revenue increased 19.8% from 2020 to 2021 recovery year
- From 2018-2022, small business revenue CAGR was 7.2% in U.S.
In 2022, U.S. small businesses earned $18.8 trillion and grew 9.5% year over year.
Related reading
01 · Category
Demographic Revenue Insights24 stats
01
Small businesses owned by women generated 48% higher revenue growth than male-owned in 2022 U.S.
02
Minority-owned small businesses had average revenue of $1.1 million vs $1.4 million non-minority in 2021
03
Veteran-owned small firms generated $1.2 trillion U.S. revenue in 2022
04
Small businesses owned by individuals under 35 averaged $850,000revenue in 2021 U.S.
05
Over-55 owner small firms had median revenue of $1.6 million in 2022
06
Hispanic-owned small businesses grew revenue 15% YoY in U.S. 2021
07
Black-owned small firms averaged $720,000annual revenue in 2022 U.S.
08
Asian-owned small businesses generated highest average revenue at $1.9 million in 2021
09
Family-owned small firms accounted for 70% of small business revenue in U.S. 2022
10
Immigrant-owned small businesses generated $1.3 trillion U.S. revenue in 2021
11
LGBTQ+-owned small firms saw 12% revenue increase in 2022 U.S.
12
Rural small business owners averaged $950,000revenue vs $1.3M urban in 2021
13
First-generation owners small firms had 8% lower revenue than multi-gen in 2022 U.S.
14
Small businesses with female CEOs generated $1.05 million average revenue 2021
15
Male-owned small firms dominated revenue at 82% total U.S. small business revenue 2022
16
Native American-owned small businesses averaged $680,000revenue in 2021 U.S.
17
Small firms owned by college grads had 25% higher revenue than non-grads in 2022
18
Multi-owner small businesses averaged $1.7 million revenue vs $900K solo in 2021 U.S.
19
Small businesses in suburbs generated 45% of demographic revenue share U.S. 2022
20
Pacific Islander-owned small firms had $550,000average revenue in 2021 U.S.
21
Serial entrepreneur-owned small businesses saw 18% higher revenue growth 2022
22
Small firms with disabled owners generated $920 billion total U.S. revenue 2021
23
Gen Z owned small businesses averaged $620,000revenue in 2022 U.S.
24
Boomer-owned small firms contributed 35% of total small revenue U.S. 2021
Interpretation
Demographic Revenue Insights Interpretation
Demographic factors are strongly shaping small business performance, with women-owned firms posting 48% higher revenue growth than male-owned in 2022 and Hispanic-owned businesses achieving 15% year over year revenue growth in 2021.
02 · Category
Geographic Revenue Variations29 stats
01
California small businesses generated $2.9 trillion in revenue in 2022
02
Texas small firms accounted for $2.1 trillion U.S. small business revenue in 2021
03
New York small businesses generated $1.8 trillion revenue in 2022
04
Florida small firms had $1.4 trillion in revenue contributions in 2021 U.S.
05
Illinois small businesses generated $950 billion revenue in 2022
06
Pennsylvania small firms accounted for $780 billion U.S. revenue 2021
07
Ohio small businesses generated $720 billion revenue in 2022
08
Georgia small firms had $650 billion in revenue 2021
09
North Carolina small businesses contributed $610 billion U.S. revenue 2022
10
Michigan small firms generated $580 billion revenue in 2021
11
New Jersey small businesses had $550 billion revenue share 2022
12
Virginia small firms accounted for $520 billion U.S. revenue 2021
13
Washington small businesses generated $510 billion revenue in 2022
14
Arizona small firms had $480 billion in revenue 2021
15
Massachusetts small businesses contributed $470 billion U.S. revenue 2022
16
Tennessee small firms generated $450 billion revenue in 2021
17
Indiana small businesses had $440 billion revenue share 2022
18
Missouri small firms accounted for $420 billion U.S. revenue 2021
19
Maryland small businesses generated $410 billion revenue in 2022
20
Wisconsin small firms had $400 billion in revenue 2021
21
Colorado small businesses contributed $390 billion U.S. revenue 2022
22
Minnesota small firms generated $380 billion revenue in 2021
23
South Carolina small businesses had $370 billion revenue share 2022
24
Alabama small firms accounted for $350 billion U.S. revenue 2021
25
Louisiana small businesses generated $340 billion revenue in 2022
26
Kentucky small firms had $330 billion in revenue 2021
27
Oregon small businesses contributed $320 billion U.S. revenue 2022
28
Oklahoma small firms generated $310 billion revenue in 2021
29
Connecticut small businesses had $300 billion revenue share 2022
Interpretation
Geographic Revenue Variations Interpretation
Geographic revenue variations are clear as California leads with $2.9 trillion in 2022 small business revenue while states like Pennsylvania bring in $780 billion in 2021, showing how widely small business earnings differ by location.
03 · Category
Overall Revenue Figures29 stats
01
In 2022, U.S. small businesses collectively generated $18.8 trillion in revenue, accounting for 43.5% of total U.S. private-sector GDP
02
Small businesses with fewer than 20 employees contributed 41% of U.S. small business revenue in 2021
03
The average annual revenue for U.S. small businesses was approximately $1.2 million in 2022, varying by industry
04
U.S. small business revenue grew by 9.5% year-over-year from 2021 to 2022
05
Nonemployer small businesses generated $1.58 trillion in U.S. revenue in 2021
06
Employer small businesses accounted for $15.2 trillion of U.S. revenue in 2022
07
Small businesses represented 99.9% of U.S. firms and generated 44% of GDP revenue in 2021
08
U.S. small retail businesses averaged $1.5 million in annual revenue in 2022
09
Construction small businesses in the U.S. had median revenue of $2.1 million in 2021
10
U.S. small businesses saw revenue recovery to 98% of pre-pandemic levels by Q4 2022
11
Professional services small firms generated $4.3 trillion in U.S. revenue in 2021
12
U.S. small manufacturing businesses averaged $5.6 million in revenue per firm in 2022
13
Hospitality small businesses contributed $1.1 trillion to U.S. revenue in 2022 post-recovery
14
U.S. small tech firms under 500 employees generated $2.8 trillion in 2021 revenue
15
Wholesale trade small businesses had $3.2 trillion U.S. revenue share in 2022
16
U.S. small businesses in transportation generated $1.4 trillion in revenue in 2021
17
Average revenue for U.S. small administrative firms was $950,000in 2022
18
U.S. small education services firms averaged $1.8 million revenue in 2021
19
Health care small businesses generated $2.9 trillion U.S. revenue in 2022
20
U.S. small arts/entertainment firms had $650 billion revenue in 2021
21
Accommodation/food small businesses recovered to $1.2 trillion U.S. revenue by 2022
22
U.S. small other services firms generated $1.05 trillion in 2021 revenue
23
Mining small businesses averaged $4.2 million revenue per U.S. firm in 2022
24
U.S. small utilities firms contributed $820 billion to revenue in 2021
25
Information sector small businesses generated $1.7 trillion U.S. revenue in 2022
26
U.S. small finance/insurance firms averaged $2.4 million revenue in 2021
27
Real estate small businesses generated $3.1 trillion U.S. revenue in 2022
28
Management small firms had $1.9 trillion U.S. revenue share in 2021
29
U.S. small business revenue per employee averaged $250,000in 2022
Interpretation
Overall Revenue Figures Interpretation
Under the Overall Revenue Figures lens, U.S. small businesses reached $18.8 trillion in revenue in 2022, growing 9.5% from 2021 and representing 43.5% of total private-sector GDP.
More related reading
04 · Category
Sector Specific Revenue19 stats
01
Retail trade small businesses generated $5.4 trillion U.S. revenue in 2022
02
Construction sector small firms accounted for 78% of industry revenue at $2.1 trillion in 2021 U.S.
03
Manufacturing small businesses generated $2.3 trillion or 42% of sector revenue in U.S. 2022
04
Professional/scientific/technical services small firms had $4.8 trillion U.S. revenue in 2021
05
Health care/social assistance small businesses generated $3.2 trillion U.S. revenue in 2022
06
Administrative/support small firms contributed $2.1 trillion to U.S. sector revenue in 2021
07
Accommodation/food services small businesses had $1.3 trillion U.S. revenue in 2022
08
Wholesale trade small firms generated $4.5 trillion or 55% of sector U.S. revenue 2021
09
Finance/insurance small businesses accounted for $2.7 trillion U.S. revenue in 2022
10
Real estate/rental small firms had $3.5 trillion U.S. sector revenue share in 2021
11
Transportation/warehousing small businesses generated $1.6 trillion U.S. revenue 2022
12
Information sector small firms contributed $1.9 trillion to U.S. revenue in 2021
13
Arts/entertainment/recreation small businesses had $780 billion U.S. revenue 2022
14
Educational services small firms generated $950 billion U.S. sector revenue 2021
15
Other services small businesses accounted for $1.2 trillion U.S. revenue in 2022
16
Mining/quarrying/oil/gas small firms had $650 billion U.S. revenue share 2021
17
Utilities small businesses generated $450 billion U.S. sector revenue in 2022
18
Management companies small firms contributed $2.0 trillion U.S. revenue 2021
19
Agriculture/forestry/fishing small businesses had $380 billion U.S. revenue 2022
Interpretation
Sector Specific Revenue Interpretation
Across sector-specific revenue in small business, retail trade led with $5.4 trillion in 2022 while manufacturing contributed $2.3 trillion in 2022 and professional scientific technical services reached $4.8 trillion in 2021, showing that some sectors generate far more small business revenue than others.
05 · Category
Temporal Revenue Trends25 stats
01
Small business revenue grew 12.4% from 2019 to 2020 despite pandemic dip U.S.
02
U.S. small business revenue increased 19.8% from 2020 to 2021 recovery year
03
From 2018-2022, small business revenue CAGR was 7.2% in U.S.
04
Pre-pandemic 2019 U.S. small revenue peaked at $17.5 trillion
05
2020 saw U.S. small business revenue drop 5.3% due to COVID-19
06
Q1 2023 small business revenue growth slowed to 4.1% YoY U.S.
07
From 2017-2021, nonemployer small revenue rose 15% to $1.58T U.S.
08
Small business revenue share of GDP stable at 43-44% 2019-2022 U.S.
09
2022 inflation boosted nominal small revenue by 8.7% U.S.
10
Post-2021, small e-commerce revenue surged 25% YoY to 2022 U.S.
11
From 2016-2020, small construction revenue grew 11% U.S.
12
Tech small business revenue doubled from 2015-2022 U.S.
13
2023 forecast shows 6.5% small revenue growth U.S.
14
Recession 2008-2009 saw small revenue decline 12% U.S.
15
2010-2015 recovery period small revenue CAGR 5.8% U.S.
16
Pandemic 2020 Q2 small revenue fell 32% seasonally adjusted U.S.
17
By 2024 projection, small revenue to hit $20.5 trillion U.S.
18
2021-2022 saw 22% revenue rebound in hospitality small U.S.
19
Long-term 2000-2022 small revenue grew 180% nominal U.S.
20
Retail small revenue online share rose from 10% 2019 to 28% 2022 U.S.
21
Manufacturing small revenue up 14% from 2020-2022 U.S.
22
Services small sector revenue increased 9% annually 2019-2022 U.S.
23
Non-cyclical small revenue stable +3% YoY during 2022 U.S.
24
Cyclical small industries revenue volatile +11% 2021-2022 U.S.
25
Small business revenue per capita rose 6% from 2021-2022 U.S.
Interpretation
Temporal Revenue Trends Interpretation
Under the Temporal Revenue Trends category, U.S. small business revenue showed clear rebound patterns, falling 5.3% in 2020 but then jumping 19.8% in 2021 and growing at a 7.2% CAGR from 2018 to 2022 before slowing to 4.1% YoY growth in Q1 2023.
Reference
Cite This Report
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APA
Gabrielle Fontaine. (2026, February 13). Small Business Revenue Statistics. Gitnux. https://gitnux.org/small-business-revenue-statistics
MLA
Gabrielle Fontaine. "Small Business Revenue Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/small-business-revenue-statistics.
Chicago
Gabrielle Fontaine. 2026. "Small Business Revenue Statistics." Gitnux. https://gitnux.org/small-business-revenue-statistics.
Sources & references
8 datasets cited across this report · attribution is report-level