{"id":177150,"date":"2026-03-27T14:16:19","date_gmt":"2026-03-27T14:16:19","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/177150\/"},"modified":"2026-03-27T14:16:19","modified_gmt":"2026-03-27T14:16:19","slug":"small-business-owners-are-states-backbone-dinapoli","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/177150\/","title":{"rendered":"Small business owners are state\u2019s backbone: DiNapoli"},"content":{"rendered":"

CITYWIDE \u2014 SMALL BUSINESS OWNERS ARE THE BACKBONE OF NEW YORK, according to a new report from state Comptroller Thomas DiNapoli.<\/p>\n

The report details how vital small businesses are to New York\u2019s economy, generating nearly $1 trillion in sales and revenues, with more than 3.7 million employees at over 422,000 establishments in 2023, the most recent year for which data is available.<\/p>\n

DiNapoli\u2019s report found that data from the U.S. Census Bureau indicate 422,137 small businesses (with fewer than 500 employees) were operating across New York in 2023, comprising 98.9% of all businesses in the state. Over 80% of all New York businesses had fewer than ten workers. Small businesses employed 3.7 million people, close to 45% of the state\u2019s jobs, earning an average of $60,579 in annual pay in 2023. The industries most represented were health care and leisure activities.<\/p>\n

Reflecting diversity, 23% are majority-owned by women and 26% by minority business owners.<\/p>\n

However, the report also found that small business growth in New York has lagged the nation in some key metrics, including small business creation and employment. Among the obstacles: the cost of providing health insurance, business taxes, regulations, and protracted wait periods for licenses and permits from multiple agencies.<\/p>\n

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