Small businesses in Texas are more likely to use contract workers and finance their businesses with personal funds than the national average, according to a Federal Reserve Bank annual survey on small business credit.
Nearly half of small businesses in Texas surveyed reported using contract workers, compared to the national rate of 41 percent. A greater share of Texas firms, 22 percent, used personal funds to finance their businesses, compared to the national average, 18 percent.
Small businesses, which are defined by the Fed as having between one and 499 full or part time employees, overall reported a strong end to 2018, adding employees and experiencing revenue growth. But, looking into 2019, expectations for firms were tempered, with the number of firms that anticipate adding payroll jobs dropping to 38 percent from 43 percent a year earlier.