Published December 14, 2021
- New York businesses contend with high taxes and a complex regulatory landscape.
- The proximity to New York City provides excellent access to capital and skilled labor.
There are more than 2 million small businesses in New York state, which employ 4 million people. These small businesses make up 99.8% of all businesses within the state and employ more than half the state's workforce. In 2018, New York's unemployment rate was about 4.7%, slightly higher than the national average, but still healthy. The share of workers employed by small businesses underscores their importance to the state's economy: small businesses created 113,528 net jobs throughout the state.
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