Big business: Small business job growth laggingEDITORIAL
August 22. 2017 12:48AM
First, the good news.
New Hampshire’s big businesses are booming. According to data from the U.S. Census Bureau, companies with 250 or more employees grew by 10 percent from 2011 to 2016.
Those jobs have contributed to New Hampshire’s record-low unemployment rate, and boosted business tax revenues.
The bad news is that the smallest businesses, with fewer than 20 employees, are not keeping pace, adding jobs at just a 4 percent rate over that same period.
Big businesses get more attention. Expansions and layoffs are big news. Large firms also have the resources and political clout to make government listen. But what is good for the country isn’t always good for General Motors.
Small businesses, and the potential entrepreneurs who have yet to start small businesses, have very different obstacles to success.
New Hampshire lawmakers have done a lot to address those in the past few years, paring back the Business Enterprise Tax that hits all but the smallest employers, reviewing burdensome regulations, and repealing unnecessary licensing requirements.
Hopefully, those seeds will bear fruit over the next few years.
Not all small businesses grow into big businesses. Many fail. Some stay small, providing good jobs and satisfied customers. They don’t hire lobbyists or host ribbon-cutting ceremonies. But they are an essential part of New Hampshire’s economic growth.