If you're running a business in Pennsylvania, here's what you need to know.
- Pennsylvania is home to more than 1 million small businesses, which employ 2.5 million people.
- The personal income tax rate in Pennsylvania is 3.07%, while corporate income taxes stand at a flat rate of 9.99%.
- Pennsylvania's relatively low unemployment rate of 3.9% has created an intensely competitive labor market.
In the state of Pennsylvania, 1 million small businesses employ 2.5 million people. According to the U.S. Small Business Administration, small businesses accounted for 99.6% of all private sector businesses operating in the state in 2018. They employed 46.7% of all Pennsylvania employees. Pennsylvania also boasts the sixth largest economy in the nation, worth more than $788.5 billion annually. It grew modestly in 2018 at a rate of 2.1%, nearly a full point slower than the national rate of 2.9%.
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