From where we sit, the U.S. economy is firing on all cylinders.
I’m seeing the optimism firsthand in the industry my organization represents, convenience services. The convenience services industry—which includes small-business owners, manufacturers, distributors, and suppliers—delivers a total economic impact of nearly $25 billion to the U.S. economy.
In states like California, New York, and Texas, convenience services operators not only contribute billions of dollars in economic output, but they are also some of the largest employers. Nationally, the convenience services industry boosts the U.S. economy by creating and supporting more than 140,000 jobs, with estimates topping $7.2 billion wages paid to employees.
At the National Automatic Merchandising Association (NAMA), we work with small-business owners—men and women who operate vending, micro market, office coffee, and pantry services as well as foodservice businesses. From Silicon Valley to Des Moines to Wall Street, these companies provide other businesses, large and small, with food and beverages that power their employees’ productivity. And these suppliers can personally attest to the more favorable business environment of today.
This was a crippling burden for family-owned businesses, many of which operate in the convenience services industry as multi-generational enterprises. A large portion of their business’ value is tied to assets such as land, buildings, and equipment. In many cases, the death of a business owner forced his or her successor to sell the business or its assets simply to cover the estate tax liability.
The catalyst for our success is clear. When business and government work together, the U.S. economy, small-business owners, and consumers all reap the benefits.
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