Small businesses are a hugely important part of the economy. The Small Business Administration recently cited that over 99.7 % of all employers are small firms across the United States. Small businesses are especially important in NYC, employing approximately 1.7 million individuals as of Q4 2014. Recently, the Center on Urban Future, a NYC think tank, found that just over 90% of all NYC businesses actually had fewer than 20 employees. According to their research, this is a higher percentage than all but one of the 363 metro areas across the United States. This month’s economic snapshot is zooming in on small businesses to review and analyze trends, post-recession growth and ownership demographics in NYC.
You may have heard of Bitcoin, the entirely digital currency founded in 2009. To better understand the role it might play in our economy, our Economic Research and Analysis team looked at regional trends in VC funding for Bitcoin and blockchain companies.
'Tis the season for giving! As the headquarters for many of the world’s largest foundations, New York State ranks first in the nation in charitable contributions. This month’s economic snapshot looks at the data on charitable donations to shed some light on the giving economy in NYC.
The activation of commercial real estate is a critical means toward growing the middle class and advancing 21st century jobs. The November Economic Snapshot looks at commercial office development in New York City.
With Citywide Ferry Service set to launch in 2017, water transit in NYC is the focus of our August 2015 Economic Snapshot. Read on to learn more about the history of NYC's ferry service and highlighted stats about the upcoming ferry service.
NYC is home to the largest immigrant population of any U.S. city. Foreign-born workers are not only able to find work in NYC, but have also found opportunities to grow businesses of their own, with more than 47% of incorporated businesses owned and operated by foreign-born workers.
At present, NYC may not be living up to its full potential in terms of biotech capital and development infrastructure but there is significant potential. Our March Economic Snapshot reveals opportunities for growth and ways that NYC can transform itself into the next locus of life science innovation.