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Commerce’s Economic Data Is a Goldmine for Small Businesses

Graphic of Econmic Census

Public data is a valuable national asset whose value is multiplied when it is made easily accessible to the public. For example, the public release of weather data from government satellites and ground stations generated an entire economic sector that today includes the Weather Channel, commercial agricultural advisory services, and new insurance options. Similarly, the decision by the U.S. Government to make the Global Positioning System (GPS), once reserved for military use, available for civilian and commercial access, gave rise to GPS-powered innovations ranging from aircraft navigation systems to precision farming to location-based apps, contributing tens of billions of dollars in annual value to the American economy.

The Department of Commerce makes available to small businesses economic data that are important for key business decisions such as where to locate, where to manufacture a product and where to sell that product.

For example, AmFor Electronics, a second-generation, family-owned manufacturer in Portland, Oregon, is the market leader in the manufacturing of alternator and starter testers, which are sold to auto parts stores, auto repair shops, and alternator and starter rebuilders. Using Commerce data like that available in the Assess Costs Everywhere tool, AmFor decided to enter the wire harness sector and chose to locate their manufacturing facility domestically rather than overseas because it provides a shorter turnaround times with fewer defects that ultimately leads to a reduction in costs. These successes have translated into new customers and the hiring of 50 employees.

International Trade Administration’s Commercial Service Makes Exporting Easier for Small Businesses

U.S. Commercial Service Logo

In early 2011, Vanport Outfitters received its first commercial overseas order from Japan. That is when they started working with the U.S. Commercial Service, which assisted them throughout the export process. Some challenges Vanport faced included building brand awareness and finding quality contacts overseas to do business with. To address these issues, Vanport used U.S. Commercial Service business matchmaking services. “As a small company, few have heard of us, and are already selling competing products from better known firms. We find that we have to work hard to demonstrate that we’re serious about our craft. We really enjoyed working with the U.S. Commercial Service and found that the services provided helped make selling our goods outside the country easy, and we are continuing to build our brand awareness,” said Thomas Craig, Business Manager at Vanport Outfitters.

The company decided to focus on their export potential and actively pursue other markets, and in doing so, relied on assistance provided by the Trade Information Center, including market research, trade counseling, and assistance with export regulations. The result was that Vanport Outfitters has received additional orders from ten different countries, and is planning to export into East Asia, Oceania, Europe, and Canada.

NIST MEP helps U.S. Manufacturers Create Jobs and Expand their Businesses

NIST Manufacturing Extension Partnership - Make It In America

National Small Business Week, which is taking place June 17-21, recognizes the contributions of America’s entrepreneurs to job creation and economic growth. One way that the Commerce Department works to support small- and medium-sized enterprises is through the National Institute of Standards and Technology’s (NIST) Manufacturing Extension Partnership (MEP), a public-private partnership designed to encourage innovation in American manufacturing.

NIST MEP is a nationwide network of technical experts and business advisers who work with small- and mid-sized U.S. manufacturers, helping these businesses identify growth opportunities. MEP focuses its resources on five critical areas: technology acceleration, supplier development, sustainability, workforce and continuous improvement of manufacturing processes, products, and services.

For every one dollar of federal investment, MEP generates nearly $20 in new sales growth, which amounts to about $2.5 billion in new sales annually. And for every $2,100 of federal investment in the program, MEP creates or retains one manufacturing job. These investments support the administration’s commitment to helping U.S. manufacturers innovate, grow, and create good jobs.

NIST MEP has successfully helped manufacturers across the country grow their businesses. For example: