5th District Footprint
December 2015

This issue of 5th District Footprint offers a look at microbusiness in the Fifth District before and after the Great Recession.
Microbusiness in the Fifth District
This definition comes from the Association for Enterprise Opportunity. A common alternative definition used by the U.S. Small Business Administration classifies a microbusiness as a firm with fewer than 10 employees. See, for example “The Role of Microbusiness in the Economy,” U.S. Small Business Administration (2015).
U.S. Census Bureau, County Business Patterns 2013
Ibid.
U.S. Census Bureau, Business Dynamics Statistics 2013.
U.S. Census Bureau, Business Dynamics Statistics 2007
Ibid.
Ibid.
“Entrepreneurship and the U.S. Economy,” Bureau of Labor Statistics (2011).
U.S. Census Bureau, County Business Patterns 2007 and 2013.
Additional Resources
Bauer, R. Andrew, “The Roles of New and Existing Establishments in Employment in the Fifth District,” Federal Reserve Bank of Richmond Region Focus, Third Quarter 2010, pp. 36–43.
“Joint Small Business Credit Survey Report, 2014,” Federal Reserve Banks of New York, Atlanta, Cleveland and Philadelphia, February 2015.
Kudlyak, Marianna, David A. Price, and Juan M. Sánchez, “The Response of Small and Large Firms to Tight Credit Shocks: The Case of the 2008 through the Lens of Gertler and Gilchrist,” Federal Reserve Bank of Richmond Economic Brief, October 2010, No. 10-10.
Schnorbus, Robert H., “Small business employment in the Fifth District and the impact of recessions,” Federal Reserve Bank of Richmond Region Focus, First Quarter 2010, pp. 36–43.
Van den Berg, David, “Recessions and Entrepreneurship: Is necessity the mother of invention?” Federal Reserve Bank of Richmond Region Focus, Fall 2009, pp. 12–15.