Unlocking the digital potential for rural small businesses across the country could add $47 billion to the U.S. GDP per year. This new study by the U.S. Chamber of Commerce and Amazon estimates the economic impact of digital technologies on rural small businesses based on official statistics and a survey to more than 5,000 rural small businesses across the country.
There are 37 million working-age adults and 18 million households in the rural U.S. While accounting for close to 15% of the adult population and nearly 75% of the country’s land mass, annual revenues of rural businesses represent only 3.7% of total gross revenues in the U.S. economy.
Despite some improvement in the adoption of digital tools by rural businesses over the past decade, this new research shows how increased use of digital technology in rural America could help drive faster growth in the rural economy.
- Increased adoption of online tools and digital services for businesses across rural America could create more than 360,000 jobs in the next three years.
- Increased adoption could grow annual revenues of rural small businesses by more than 21% over the next three years – the equivalent of $84.5 billion per year – with states in the South seeing the greatest benefit
- Online tools and technology have the highest potential impact on rural small businesses with revenue under $100,000
Read the full report HERE, including additional insights and interactive graphics. Select California for a breakdown by state.
Hat Tip to barberadvisors.com blog for the link to the Chamber Report.