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WASHINGTON — The U.S. House of Representatives’ Small Business Subcommittee on Contracting and Workforce, under the chairmanship of Rep. Richard Hanna, R-New York, conducted a hearing to examine the declining rate of small business creation over the last three decades and the state of entrepreneurship during this latest economic recovery.
The rate of new business creation has dropped by nearly 50 percent from 1978. In 1978, there were 12 new businesses created for each existing business while in 2011 this dropped to 6.2 new firms.
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