The Small Business Administration’s Office of Advocacy recently released their report titled, “The Small Business Economy: A Report to the President,” which states that the overall economic environment for small businesses greatly improved in 2004.
Small businesses were awarded over $69 billion in federal prime contracts in 2004. This was almost 23% of the total $300 billion in contracts open to small companies. Additionally, it represented an increase of $3 billion over the previous year. The report also lists an increase in subcontracting. It was estimated that nearly $50 billion in subcontracts were awarded, up from $45.5 billion in 2003.