Small business employment and revenue grow in Q2-2025

The latest quarterly data from the Small Business Index shows US small business employment increased by 19,300 jobs (0.15%) in the second quarter of 2025. This is the first quarterly growth since the first quarter of 2024, following four consecutive quarterly declines. At the end of Q2-2025, small businesses employed 12,746,000 people.

Similarly, real quarterly revenue increased by $2,570 (1.63%) per business in Q2-2025, on average. This is the second consecutive quarter of revenue growth recorded by the Small Business Index. In Q2-2025, small businesses had real quarterly revenue of $159,010 per business, on average.

The data is seasonally-adjusted. Revenue data is also adjusted for inflation (shown in 2017 dollars).

Sectors with the most growth: leisure and hospitality sector, wholesale trade sector

The leisure and hospitality sector (NAICS 71-72) had the largest increase in small business employment in Q2-2025. The fastest growth, however, was in the agriculture, natural resources, and mining sector (NAICS 11, 21).

The wholesale sector (NAICS 42) had the largest increase in average real revenue. The fastest growth was in the utilities sector (NAICS 22). See the tables below for details.

Regions with the most growth: Great Lakes, New England

The Great Lakes region had the largest increase and fastest growth in small business employment in Q2-2025. New England had the largest increase and fastest growth in average real revenue. See the tables below for details.

States with the most growth: Ohio, Wisconsin

Among the 20 states currently included in the Small Business Index, Ohio had the largest increase and fastest growth in small business employment in Q2-2025. Wisconsin had the largest increase and fastest growth in average real revenue. See tables below for details.

Methodology: For more information about the sample, data sources, and calculations used in the Small Business Index, read the full methodology here.