We hope that many of the organizations represented here today will work with us in accomplishing these ambitious goals. As I mentioned earlier, the Fed also supports efforts aimed at specific community segments. Small business is one area that the Chicago Fed has increasingly focused on in recent years. Today, small business is one of the fastest growing sectors in our economy. According to the latest statistics from the U.S. Small Business Administration, small businesses with fewer than 500 workers employ 53 percent of the private non-farm work force, contribute 47 percent of all sales in the country and are responsible for 51 percent of the private Gross Domestic Product.
Industries dominated by small firms contribute a major share of new jobs created.
The Chicago Fed would like to build on this growth by helping to break down some of the barriers that still prevent people from participating in the economy. We have several efforts under way to do this, one of which we helped launch this past fall. The recommendations will be completed in the next two months, and we will then begin implementation. That is why research remains an important part of any new program launch. The need for reliable community information cannot be overlooked or underestimated.