NYC’s Small Business Recovery
Total small businesses in NYC reached a new record high, but their characteristics have changed.
Small businesses—those with fewer than 50 employees—are the backbone of New York City’s economy. From startups on the cutting edge of innovation to neighborhood retail and restaurants, small businesses not only contribute to the overall size of the city’s economy, they add layers of diversity, enriching our neighborhoods and enhancing our quality of life. They strengthen our entrepreneurial ecosystem, create jobs, and drive economic growth.
NYC’s Small Business Recovery: Patterns of Growth in a Changing Economy
Read the ReportBusiness Formation in NYC
Our Economic Research & Policy Group compiles and shares data on business formation in New York City, updated every quarter. See recent highlights below. To read our monthly NYC Economic Snapshot measuring the overall strength of the city’s economy, visit our Research Insights page.
Q1-Q4 2023
By The Numbers
24.6K
new businesses started
By The Numbers
-880
net business formation
By The Numbers
164K
jobs created from new business formation
By The Numbers
1 in 8
of all NYC businesses started in the last year
By The Numbers
42K
or 1 in 5 of all businesses operating at the end of 2023 were started during the Adams administration. These businesses employed 316.5K workers, or 1 in 14 of all private sector jobs in the city.
By The Numbers
24.6K
new businesses started
By The Numbers
1 in 8
of all NYC businesses started in the last year
By The Numbers
164K
jobs created from new business formation
By The Numbers
-880
net business formation
By The Numbers
42K
or 1 in 5 of all businesses operating at the end of 2023 were started during the Adams administration. These businesses employed 316.5K workers, or 1 in 14 of all private sector jobs in the city.
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