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Small businesses prospered in 2015

Published: January 4, 2016
The Store Front Business Index's latest publication shows that brick-and-mortar shops did well in 2015—and that 2016 looks optimistic.

The index measures the growth of small grocers, hair salons, coffee shops, restaurants, fitness centers, home improvement contractors, retail boutiques and other “store fronts” to determine where these businesses are strong and where they need improvement. The index found about 3.4 million of these businesses in the U.S., which represent approximately 37 percent of all small-business establishments. After determining the health of each store, the index reported that the small-business community continues to do well and has grown at 3 percent. It is outperforming the GDP, which has a growth estimate of less than 1 percent.

The Store Front Business Index says that the three driving factors behind business growth are wages, employment trends and new business creation. Because those components are projected to rise, the index expects small storefront businesses to keep growing in 2016.