At the Department of Transportation, we have been proud to support our economic recovery through thousands of road, bridge, airport, rail, transit, and port projects. We're also doing our part to help boost jobs by expanding opportunities for small businesses.
Last week, DOT's Office of Small and Disadvantaged Businesses (OSDBU) held a summit to bring small businesses and government together. Why? Because small businesses are the driving force of our economy, employing millions of Americans nationwide, and we want to make sure they have all have access to the tools needed to sustain that force.
President Obama knows that small businesses are the backbone of our nation's success. Small businesses have generated two out of every three American jobs during the past decade, and they employ half of all American private sector workers. When the President talks about out-innovating and out-building our competitors, that starts with America's small businesses.
And right now, small businesses in the transportation industry are employing people to rebuild America's aging roads and bridges, manufacture streetcars and electric transit buses, lay track for high-speed rail, and develop alternative fuels and charging stations. They are building the projects we need now and laying the foundation for our future.
So when small and disadvantaged businesses are unable to compete, America loses. That's where our efforts come in.
To further make sure small businesses get a fair shake in the government contracting process, we also announced two new rulemakings last week. These will cut the red tape that can impede small businesses, raise the personal net worth limit on small businesses for the first time in two decades, and ensure that prime contractors fulfill commitments to use small and disadvantaged subcontractors.
Our outreach efforts, education, and rules that level the playing field are a good start, but we're not resting. We will continue working to ensure American companies are equipped to thrive. Expanding opportunities for small businesses and the workers they employ--that’s how America wins the future.