November 24, 2025

Acting Texas Comptroller Kelly Hancock Releases Small Business Economic Impact Report

(AUSTIN) — Acting Texas Comptroller Kelly Hancock today released the agency's inaugural Small Business is Big Business in Texas (PDF) report, a new resource highlighting the scale, strength and economic impact of Texas’ small businesses.

“Whether it’s a family-owned shop on Main Street or a fast-growing startup, small businesses power our state’s economic engine, create opportunity and strengthen the character of every Texas community,” Hancock said. “This first-of-its-kind report shows what Texans already know: When small businesses thrive, families thrive.”

According to the report, Texas is home to approximately 3.5 million small businesses, representing 99.8 percent of all businesses in the state. These firms employ more than 5.1 million Texans — 44.4 percent of the state’s workforce — and accounted for 84 percent of Texas’ annual job growth in 2024.

Between 2017 and 2022, the number of small businesses grew by 24 percent while small-business revenue grew by 54.5 percent. An economic impact study included in the report estimates that small businesses generate 40.1 percent of Texas’ private non-farm GDP.

The report’s release falls just ahead of Black Friday and Small Business Saturday, landmark shopping dates for retailers, including small businesses.

“As we gather with family and friends this Thanksgiving, it’s a fitting time to note how grateful we are here in Texas for the small businesses that anchor our communities and keep our economy strong," Hancock said.

The Small Business is Big Business in Texas (PDF) report is available on the Comptroller’s website.