NYC’s Small Business Recovery

Patterns of Growth in a Changing Economy
Street lined with shops with Williamsburg Bridge in the background.

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

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Business 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

01
9
By The Numbers

24.6K

new businesses started

A customer speaks with a vendor at Essex Market in a shop filled with shelves of various products, including bottles and jars. The store has a warm, well-lit, and organized atmosphere.
By The Numbers

-880

net business formation

A man in a blue shirt selects produce from an Essex Market shelf, surrounded by various fruits and vegetables.
By The Numbers

164K

jobs created from new business formation

A worker in a white uniform and hairnet seals bottles of MOMO dressing with a heat gun in a food processing facility at Brooklyn Army Terminal. Rows of sealed bottles are on the table.
By The Numbers

1 in 8

of all NYC businesses started in the last year

Three people collaborate around a computer screen in a modern office setting with glass partitions. One works at the computer, another watches, and the third stands beside them.
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

A man in a blue shirt selects produce from an Essex Market shelf, surrounded by various fruits and vegetables.
By The Numbers

1 in 8

of all NYC businesses started in the last year

A customer speaks with a vendor at Essex Market in a shop filled with shelves of various products, including bottles and jars. The store has a warm, well-lit, and organized atmosphere.
By The Numbers

164K

jobs created from new business formation

Three people collaborate around a computer screen in a modern office setting with glass partitions. One works at the computer, another watches, and the third stands beside them.
By The Numbers

-880

net business formation

A worker in a white uniform and hairnet seals bottles of MOMO dressing with a heat gun in a food processing facility at Brooklyn Army Terminal. Rows of sealed bottles are on the table.
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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