The important work that the U.S. Small Business Administration (SBA) does was validated by the president in his recent State of the Union address. I believe Pres. Trump articulated an inspiring vision of American greatness. His speech was brimming with optimism, was deeply patriotic and unifying. The president laid out an ambitious and bold agenda against the backdrop of the recent remarkable jobs report that further showcases how good policies put forward by the president and his administration are having impactful results. Entrepreneurs know the economy is front and center to our national leadership. A strong national economy allows small-business owners to confidently make critical decisions such as hiring new employees, buying new inventory or expanding into a second or third location.
The economic facts are looking pretty good right now for small-business expansion. The most recent jobs report showed 304,000 new jobs created in January — a total of 5.3 million new jobs under this president. Nationally, we saw six consecutive months of wage growth at or above 3 percent. Wages are at an 11-year high with average hourly earnings rising by 3.2 percent in January. We have seen 11 straight months of unemployment at or below 4 percent, including record-low levels among women, African-Americans, Hispanic-Americans, Asian-Americans, youth and blue-collar workers.
There is a manufacturing comeback with more than half a million new manufacturing jobs created under Pres. Trump. Finally, and most important to the SBA, small-business optimism has risen to one of the highest levels in history. Last fiscal year alone, more than 72,000 small-business loans, worth $30 billion, were approved by the SBA nationwide.
I commend the president for offering a framework for bipartisan cooperation. Pres. Trump outlined a common-sense, inclusive agenda for improving the quality of life for all Americans. As the president noted, some of the most extraordinary accomplishments of the past two years occurred as a result of bipartisan cooperation. Examples include the recent Criminal Justice Reform bill and bipartisan legislation to fight the opioid epidemic.
The president laid out a roadmap for expanded prosperity and greater security. He identified five critically important policy priorities that will expand prosperity in America, and promote peace at home and abroad. This agenda includes safe and legal immigration, protecting American workers with fair trade policies, rebuilding America by advocating for an infrastructure package that invests in vital national infrastructure projects, lowering the cost of healthcare and prescription drugs and strengthening national security.
I am proud that the president’s State of the Union address pushed an ambitious and bold agenda. Small business continues to drive our nation’s economy and having a strong positive message presented by our president creates an environment that is good for business, especially for the entrepreneurial community.
Dan Nordberg is the SBA’s Region VIII administrator and is based in Denver. He oversees the agency’s programs and services in Colorado, Montana, Utah, North Dakota, South Dakota and Wyoming.