Your guide to NYC's public proceedings.
AGENCY TESTIMONY
Economic context and small business landscape in New York City
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New York City is experiencing record-high numbers of small businesses and unprecedented job growth, reflecting the city's strong economic recovery and momentum.
- Over 183,000 small businesses currently operate in NYC, the highest number ever recorded
- The city has recovered all 946,000 private sector jobs lost during the pandemic and broken its all-time jobs record 10 times
- Challenges facing small businesses include changing regulations, shifting consumer behaviors, and economic pressures from trade tensions
Dynishal Gross
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New York City is currently home to more than 183,000 small businesses, the highest number ever recorded.
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One in five small businesses operating today opened during the Adams administration and storefront vacancies citywide have declined for five consecutive quarters.
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At the same time, we've experienced unprecedented job growth, not only recovering all 946,000 private sector jobs lost during the pandemic, but also breaking the city's all time jobs record 10 times with the number of jobs exceeding 4,800,000.
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These milestones were made possible through the administration's bold economic agenda, the strong partnership of the city council, the tireless work of our sister agencies, and of SBSers over the past three years to drive our recovery.
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Today, small businesses face other challenges including an ever changing regulatory landscape, shifting consumer behaviors, and economic pressures from trade tensions and other factors.
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Through our FY twenty six preliminary budget, SBS is well positioned to continue delivering high impact programs that help New York small businesses adapt to changing conditions and advance New York City's economic momentum.