Making Money host Charles Payne highlights the significance of a new small business report by the U.S. Chamber of Commerce President and CEO Suzanne P. Clark. In her speech on the “State of American Business,” Clark emphasized the importance of small businesses, including franchises, to local economies. She noted that small businesses are responsible for employing nearly half of the American workforce and driving about 43.5% of the U.S. gross domestic product (GDP).
Clark also stressed the global impact of small, local businesses, citing examples such as national chain restaurants, tech companies, and energy producers. She emphasized that the impact of a company, service, product, or solution is always local, as it affects where people live their lives.
The Chamber’s president and CEO also discussed the importance of global trade to small, local businesses, as well as the U.S. economy as a whole. She noted that there are opportunities to boost trade, which already supports 40 million U.S. jobs and makes goods and services more affordable.
Clark delivered her speech in Dallas, Texas, which shares characteristics with other economically vibrant regions, including a diverse industrial base, low unemployment, and a deep pool of talent. She noted that ensuring these conditions are favorable for commerce is crucial to ensuring that communities aren’t left behind economically.
Clark emphasized that while not every community can or wants to be a booming metropolis, they all want economic opportunity that provides a quality of life and promise of opportunity that all Americans desire.