Louisiana’s 447,000 small businesses employ roughly 53% of the state’s private workforce, according to the U.S. Small Business Administration’s 2019 Louisiana Small Business Profile.
The number of small businesses in Louisiana grew by 10,000 from 2015 to 2016, according to the report, while the percentage of workers employed by small businesses fell by 0.4%. Small businesses lost 10,105 jobs in 2016, largely by firms employing between 100 to 499 employees.
The top three industries for small business employment were health care and social assistance, accommodation and food services, and retail trade.
Moreover, in the third quarter of 2018, Louisiana grew at an annual rate of 1.9%—slower than the overall U.S. growth rate of 3.4%. In February, the unemployment rate was 4.9%, up from 4.7% the year prior and higher than the national rate of 3.8%.