SBE Council Releases New Study Revealing Significant Contributions of Business Partnerships to the U.S. Economy
Recent research finds that nearly two-thirds of lower-income Americans and more than one-third of middle-income Americans worry almost daily about paying their bills.1 Core living expenditures– a measure of the goods and services sometimes considered necessary to maintain a basic standard of living in the United States – are a significant share of household budgets. US Bureau of Labor Statistics data show that the lowest income quintile spends more than 80% of their household budget on core living expenditures. Moreover, the middle-income quintile spends roughly three-quarters of their household budget on core living expenditures.
Partnership businesses play a significant role in providing Americans with core living expenditures that help many lower- and middle-income households maintain a basic standard of living. In 2023, partnerships employed nearly 5 million workers providing such goods and services. Providing these goods and services also supported 5.7 million jobs in related economic activity resulting in an overall economic footprint for core living expenditures of over 10 million jobs. This report highlights the economic contribution of partnerships in the core living expenditures sector to show the potential consequence of any policy involving businesses in this sector.