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Today's Small and Medium Manufacturers:
Powerful, Flexible and the Lifeblood of Their Communities
Small and medium manufacturers (SMMs) comprise one of the most vital
sectors of our economy. Understanding the critical role SMMs play in our
economy, and developing laws and policies to enhance the competitiveness
of SMMs, enhances opportunities for economic growth.
Medium manufacturers are defined as those with 2,000 or fewer employees;
small manufacturers have 500 or fewer. Such small employers, the Federal
Reserve said in a recent report, “are an integral part of the economy.
They account for about half of private-sector output, employ more than
half of private-sector workers and provide about three-fourths of net
new jobs each year.” Consider that SMMs—
- comprise about 95 percent of all manufacturing firms and employ about
half of all manufacturing employees;
- account for 37 percent of all manufacturing receipts—more than $1
trillion a year;
- pay their workers 20 percent more than employees in other types of
small business; and
- export increasingly more each year—the number of SMMs that export
more than 10 percent of their sales tripled over the past decade.
Click on the link below to download the PDF version of the SMM Report.
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