ANNUAL REPORT
ON THE STATE OF
SMALL BUSINESSES
2020
1
Empire State Development
2020 Annual Report on the State of Small Businesses
Please note that the data provided in this report includes information from the year-ending 2017
up to the year-ending 2019, and are the most recent available. In accordance with section 134
of the NYS Economic Development Law, Empire State Development (ESD) is required to compile
an annual report on the state of small businesses, particularly businesses with less than 25
employees which are often referred to as “micro-businesses.”
Average Employment, Average Quarterly Wage
Private Sector Firms With Average Employment Between 1 And 99
2015 vs. 2019
Small Share of Average Share
Firms All Firms Small Firm of All
Employment Employment
2015 595,743 98% 4,081,777 55%
2019 610,681 98% 4,194,387 53%
Percent Change 2.5% 2.8%
Source: Quarterly Census of Employment and Wages
Data are subject to revision
Firms with average quarterly employment less than one are excluded from this analysis
A. Growth and Economic Trends of Small Businesses
Small businesses form a substantial portion of the New York State economy: 98 percent
of New York businesses have fewer than 100 employees (the State’s definition of a small
business). Looking at employment, over 54 percent of the workforce is employed in firms
with fewer than 100 employees.
Both the number of small firms and average small firm employment has grown from 2015
to 2019 (2.5 percent and 2.8 percent growth, respectively).
National Small Business Association, 2017 Year-End Economic Report*
The National Small Business Association (NSBA) is a nonpartisan organization advocating
on behalf of small businesses and has 65,000 members representing every state and
every industry in the U.S.
The NSBA 2017 Year-End Economic Report shows significant gains in the overall small-
business outlook. More than half of small-business owners feel the national economy is
doing better than it was just six months ago, compared to 43 percent who reported the
same in Dec. 2016 and only 20 percent in Dec. 2015.
Small-business confidence also experienced noteworthy gains with more than one-third
of small-business owners saying they are very confident about the future of their own
business—the highest this indicator has been in more than 10 years. Overall, 84 percent of
small firms expressed confidence in the future of their business.
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Business and job growth also improved. For the first time in a decade, the majority of
small firms—53 percent—report increases in revenues. While hiring increased notably,
from 22 percent in July 2017 to 30 percent in Dec. 2017, the highest it’s been in more
than 10 years, it’s important to note that the majority of small businesses did not hire new
employees in the last year.
The report also found that smaller employers place a premium on their employees: nearly
all small businesses provide opportunities for on-the-job learning. The majority of small-
business owners say employees stay with their business four or more years, with 37
percent reporting employees remain on average eight years or more.
While one tends to think of corporate America as the career ladders, small businesses
also have ample opportunities for career growth. Sixty-six percent of all small businesses
oer opportunities for promotion, and at companies with more than five employees, that
number is 85 percent.
Federal Reserve Joint Small Business Credit Survey Report, 2019*
The Federal Reserve Banks monitor small business credit conditions through regional
surveys of business owners. These surveys provide insight into small business vitality
and shed additional light on startups, micro-businesses, and growing firms which aect
employment and growth in local and regional economies. Results from the 2019 survey
showed that while many employer small businesses were profitable and optimistic in 2019,
a significant majority faced financial challenges, experienced funding gaps and relied on
personal finances. Specific findings for the US include:
•
Small business respondents recounted a strong end to 2018. A majority of small
businesses (57%) reported that their firms had experienced revenue growth in 2018
and more than one-third added employees to their payrolls;
•
The shares of firms with growing revenues and employment represent increases
from the 2017 survey; however, the percentage of firms operating at a profit remained
unchanged;
•
Looking to 2019, a strong majority of firms expect revenue growth, but the net share
of firms that anticipates adding payroll jobs in the next year dipped to 38% from 43%
in the prior year’s survey;
•
On the financing front, credit demand held steady in 2018, with 43% of firms seeking
external funds for their businesses. Similar to 2017, more than half of firms that sought
new funding—53%—experienced a financing shortfall, meaning they obtained less
funding than they sought;
•
Nearly half of applicants (47%) received the full amount of funding sought, similar to
the 2017 survey. Of those that did not apply, roughly half reported they had sucient
financing;
•
Applications to online lenders continued to trend upward: 32% of applicants turned to
online lenders in 2018, up from 24% in 2017, and 19% in 2016; and
•
Medium- and high-credit-risk applicants seeking loan or line of credit financing were
as likely to apply to an online lender as to a large bank (54% and 50%, respectively),
and more likely to apply to an online lender than to a small bank (41%), CDFI (5%), or
credit union (12%).
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Findings specific to New York State small businesses include:
•
60% have fewer than 5 employees;
•
36% are less than five years old;
•
72% have revenue under $1 million;
•
76% are not growing;
•
13% are high credit risk;
•
47% faced financial challenges; and
•
52% sought financing in the past 12 months.
*Most recent available data.
B. Employment and Economic Data of Small Businesses in New York State
Since the beginning of Governor Andrew M. Cuomo’s administration, New York State’s
economy has added more than 1.1 million private sector jobs.
Micro-businesses, defined as firms with fewer than 20 employees, employ many workers
across the state. For example, over 700,000 people are employed at micro-businesses
in New York City, over 295,000 people on Long Island and over 320,000 people in
selected upstate metropolitan areas. Average monthly earnings are highest in Manhattan
($7,214) and in Nassau and Suolk Counties ($4,598 and $4,224 respectively). Data is
from the fourth quarter of 2017.
Employment in New York State Small Businesses with 0 -19 Employees, By Location
4th Quarter 2017*
Location Total Employment Average Monthly Earnings
New York State 1,653,306** $4,356
Upstate
Albany-Schenectady-Troy MSA 64,678 $3,633
Binghamton MSA 15,498 $2,890
Bualo-Cheektowaga-Niagara Falls MSA 87,508 $3,228
Elmira MSA 5,293 $2,818
Rochester MSA 79,792 $3,299
Syracuse MSA 48,013 $3,488
Utica-Rome MSA 19,818 $3,026
New York City and Long Island
Bronx 47,966 $3,286
Kings 178,167 $3,420
New York 314,347 $7,214
Queens 143,926 $3,520
Richmond 27,221 $3,441
Nassau County 142,657 $4,598
Suolk County 154,690 $4,224
MSA = Metropolitan Statistical Area
Source: US Census Bureau, Quarterly Workforce Indicators http://qwiexplorer.ces.census.gov/
*Most recent available data.
Note: unlike Labor Department data (page 1), this source includes businesses with no employees.
** Total includes all MSA’s
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Employment in New York State Small Businesses with 20-49 Employees, By Location
4th Quarter 2017*
Location Total Employment Average Monthly Earnings
New York State 759,577** $5,390
Upstate
Albany-Schenectady-Troy MSA 36,448 $4,351
Binghamton MSA 8,252 $3,762
Bualo-Cheektowaga-Niagara Falls MSA 49,702 $3,910
Elmira MSA 2,938 $3,653
Rochester MSA 46,621 $3,943
Syracuse MSA 25,450 $4,309
Utica-Rome MSA 9,279 $3,821
New York City and Long Island
Bronx 20,981 $4,624
Kings 65,191 $4,242
New York 171,283 $8,633
Queens 54,846 $5,029
Richmond 10,176 $4,471
Nassau County 58,977 $5,128
Suolk County 67,360 $5,040
MSA = Metropolitan Statistical Area
Source: US Census Bureau, Quarterly Workforce Indicators http://qwiexplorer.ces.census.gov/
*Most recent available data.
Note: unlike Labor Department data (page 1), this source includes businesses with no employees.
** Total includes all MSA’s
Unemployment Rates (%)*
May 2020* April 2020 May 2019
United States 13.3 14.7 3.6
New York State 14.2 15.1 3.6
New York City 18.2 14.7 3.8
NYS, outside NYC 11.6 15.4 3.5
Small businesses with 20-49 employees also employ many workers across the state.
For example, over 320,000 people are employed at businesses with 20-49 employees in
New York City. Employment in Long Island totals over 126,000, while over 175,000 people
are employed in selected upstate metropolitan areas. Average monthly earnings are
highest in Manhattan ($8,633), Nassau ($5,128) and Suolk ($5,040) counties. Data is from
the fourth quarter of 2017.
*Data is preliminary and subject to change, based on standard procedures outlined by the U.S. Bureau of Labor Statistics.
The statewide unemployment rate in New York was at 14.2 percent in May 2020
according to preliminary figures released by the New York State Department of Labor.
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C. Programs to Improve Small Business Growth in New York State
New York State supports small or micro-business growth by providing and implementing
programs and services that facilitate access to capital, technical assistance, technology
assistance, and access to information and resources.
Increasing Access to Capital
Since January 2011, the state has launched or enacted over $210 million in new small
business access to capital programs which will leverage three quarters of a billion dollars in
private capital.
In 2018, ESD launched the Minority Revolving Loan Fund to leverage approximately $1.8
million in private funds via community-based lenders. Through selected lenders MBEs can
gain access to fund to act as working capital, acquire or improve real property, acquire
machinery and equipment, and in some cases refinance existing debt obligations if it
provides a tangible benefit to the borrower.In 2019, forty (40)minority business owners who
had diculty accessing traditional credit markets received funding from this program totaling
$1.19 million.
ESD’s Division of Small Business and Technology Development provide the following
financial assistance programs:
•
Small Business Revolving Loan Fund is a major fund targeted to minority- and women-
owned businesses (MWBEs) and main street businesses that have diculty accessing
regular credit markets. Since its launch, the fund has provided over $270 million to over
44,861 small and micro-businesses throughout the state, with over 98 percent of the
borrowers being MWBEs.
•
The New York State Capital Access Program (CAP) is a portfolio insurance program
that provides matching funds to build loan loss reserves as an incentive to oset small
business risk. Since the program’s inception in 2012, CAP has facilitated approximately
approximately $123.5 million in loans primarily to micro-businesses with more than 90
percent of loans being disbursed to minority and/or woman-owned businesses, the
program is facilitating loans to underserved populations in underserved communities.
•
NYS Surety Bond Assistance Program provides financial credit assistance, as well as
training and technical support to help small contractors and MWBEs secure surety bonds
for New York State government contract. Since the inception of this innovative program,
$112.8 million in surety bonding authority has been facilitated. Through the collateral
support portion alone, $87.48 million in bonding was supported, of which $63.05 million
went to MWBEs.
•
New York Ventures administers the State’s innovation investment funds which provide
seed and early-stage venture funding to high growth technology based startups.
The New York Venture Programs include the following:
-
The NYS Innovation Venture Capital Fund is approximately $100 million investment
fund providing critical seed and early-stage funding to incentivize new business
formation and growth across the State of New York, as well as facilitate the
transition from ideas and research to marketable products. The fund has invested
in 28 companies for over $32 million dollars.
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The Innovate New York Fund is a seed-stage equity investment fund supporting
innovative high-growth firms around the state. The fund, together with private
matching investments, facilitated over $373 million in equity and other types of
investment to over 81 startup enterprises.
-
Technology Commercialization Fund is an $8 million fund-of-funds making pre-
seed investments into companies that are focused on the commercialization of
technologies emerging from universities and research labs across New York State.
NYS invested $5.6 million in 58 companies. The majority of the investments were
made in upstate companies.
-
The MWBE Investment Fund is a $2 million equity investment fund providing seed
capital to certified minority- and women-owned business enterprises (MWBEs).
It was created to support innovation, job creation, and economic growth within
minority-and women- owned enterprises throughout the State. The fund made six
(6) investments in emerging technology MWBE businesses.
•
The Bridge to Success Loan Program is a $20 million fund to expand access to short-term
bridge loans for MWBEs by providing qualified MWBEs with the access to capital needed
to participate in contracting opportunities with New York State. Since the program’s
inception, $29.8 million in working capital loans have been made supporting over $253
million of contract work.
•
The Linked Deposit Program (LDP) was funded at $560 million and is used to lower
interest rates on bank loans for small businesses. LDP has $320 million currently available.
•
The Job Development Authority Direct Loan Program was reinvigorated in the past few
years to focus on small business lending for real estate purchases, renovations, and
machinery and equipment purchases. In the past six calendar years, $46.4 million in new
lending has been originated.
•
The Trust Funds created in 1994 were designed to assist a specific demographic, including
businesses in regions throughout the state through the Regional Revolving Loan Trust Fund
(RRLTF); micro-businesses through the Micro Enterprise Revolving Loan Trust Fund; Minority
and Women Owned Business Enterprises through the Minority and Women Revolving Loan
Trust Fund; and retailers in business districts through the Commercial District Revolving
Loan Fund. These Trust Fund programs have historically been underutilized due to
the accessibility of other lending capital, inflexible term guidelines, and burdensome
administrative requirements. There is approximately $8.6 million allocated to all of these
trust fund programs; $4.1 million to active lenders and $4.5 million unallocated or allocated
to lenders that have not made loans in more than two years. In 2018, ESD made changes
to the RRLTF, reducing the administrative burden which led to increased program activity.
Since its inception, RRLTF has funded 344 loans totaling $17.62 million to small businesses
throughout the state. Of the 344 loans (20%), 68 were provided to minority and women-
owned businesses. Similarly, after reallocating funding in 2018, the Minority and Women
Revolving Loan Trust Fund supported 55 fixed asset and/or working capital loans totaling
$1.58 million to MWBEs throughout the state as of to date.
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•
ESD launched the Global NY Loan Fund in 2016, a program targeted to New York State-
based small and medium-size businesses who seek to create or expand direct exports
or to serve as suppliers to larger exporters. Through this program, ESD extends loan loss
reserve credit enhancement to financial institutions that participate in the program. ESD
has signed up four CDFIs and community-based lenders with small business financing
experience interested in supporting export financing. Further, ESD in 2019 created a
Global NYCDFI Revolving Loan Fund for loan capital of up to $100,000 with two CDFI
lenders to support new exporters with an interest in e-commerce or beginning new lines
of exporting for business growth.
The state also has other access to capital programs targeted to small businesses such as
the Community Development Financial Institutions Assistance Program, which has allocated
$1,795,000 in the 2018-2019 budget to support the growth of alternative small business
lenders around the state. In 2019 FY, this Program provided 1,437 loans to small businesses
totaling $43.4 million in access to capital; and held 5,451 one-on-one technical assistance
sessions to businesses in need.
Considerable program investments made over the last several years by Governor Cuomo
and the Legislature are continuing to address the capital challenges small businesses face
and will be critical to further growth for small businesses. Programs like the Small Business
Revolving Loan Fund, or other Loan to Lenders programs, which provide funds directly to
the lenders are responsive to the needs of small businesses and address the challenges
outlined by the Federal Reserve’s Joint Small Business Credit Survey Report. New York State
has a strong track record in supporting and investing in its alternative lender ecosystem,
which has been instrumental in the growth and strength of its small businesses.
Enhancing Training and Technical Assistance for Small Businesses
Providing technical assistance to help businesses launch and grow is critical to the growth
of small businesses. Targeted assistance to subsectors of the small business community
can overcome specific challenges faced by community businesses, immigrants, MWBEs
and other sectors critical to the local economies of the state. Several new programs or
enhancements to existing programs have been made since 2011.
•
In May 2014, ESD launched Business Mentor NY, a pro bono mentorship program for
MWBEs and other New York State small businesses. Through this on-line platform
(www.BusinessMentor.NY.gov), entrepreneurs can access assistance from private industry
professionals and other successful entrepreneurs who volunteer their time to help owners
overcome challenges and grow their business. Since the launch, over 10,000 mentors
and entrepreneurs have signed up, including over 1,800 business professionals who have
volunteered as mentors. In 2020, a refreshed look, new features and communication tools
are planned to further enhance the platform and the utility of services provided.
•
The Entrepreneurship Assistance Centers (EAC), formerly the Entrepreneurial Assistance
Program (EAP) stimulates new business development by establishing centers in local
communities to provide instruction, training, technical assistance and support services
to individuals who have recently started their own business or are interested in starting
a business. These 24 strategically located centers strengthens businesses in the early
stages of development by establishing basic business management skills, refining
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business concepts, devising early-stage marketing plans and preparation of action plans.
In addition, the program actively assists EAC client eorts to obtain business financing.
Two thirds of the centers operate or are formally aliated with a micro-loan fund.
EAC primarily assists minorities, women, dislocated workers, individuals with special
needs, and veterans.
•
The Small Business Development Center (SBDC) Network provides high quality business
counseling and training to entrepreneurs who want to start a business or small business
owners who want to improve the performance of an existing business. This service is
provided through a network of 24 regional centers located throughout New York State.
This network provides comprehensive training and include many targeted initiatives,
including the SBDC’s Veterans Business Outreach Program, staed by business advisers
who are veterans and dedicated to helping fellow veterans start and/or grow a small
business by providing targeted business training, counseling, and mentoring.
•
ESD’s Division of Science, Technology & Innovation (NYSTAR) has over 70 partner centers
which aid companies from the start-up to maturity phases. NYSTAR leverages New York’s
unparalleled investment in world class technology assets and expertise. NYSTAR funded
centers provide vital tools for enabling technology and manufacturing led growth and job
creation. NYSTAR partnerships include:
-
In March of 2020, NYSTAR was awarded a second grant to assist defense
focused manufactures with achieving cybersecurity compliance across New York
State.
-
Small Business Innovation Research Assistance (SBIR) Program that improves
the quality of applications and to increase the likelihood of success of New York
State SBIR applications to federal agencies. Three contracts are in process for
2020.
-
The Centers for Advanced Technology (CAT) Program encourages greater
collaboration between private industry and the universities of the state in the
development and application of new technologies. This includes working with
small businesses to further develop their products to become more competitive
in the marketplace. Currently, ESD funds 15 CATs at 11 Universities throughout
New York State.
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The Centers of Excellence (COE) Program fosters collaboration between
the academic research community and the business sector to develop and
commercialize new products and technologies, promote critical private
sector investment in emerging high technology fields, and create and expand
technology-related businesses and employment. The goal of the COE is the
creation and expansion of high technology businesses and jobs, which will result
in economic growth in New York State. ESD funds 14 COEs at 13 universities
throughout the state.
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-
The Manufacturing Extension Partnership (MEP) Program provides funds to
support a statewide network of eleven (11) non-profit organizations whose mission
is to provide services to small and medium-sized manufacturers, science and
technology-based businesses, and start-ups in need of business assistance and
technologies to improve their operations or products. This program is supported
by New York State and the federal Manufacturing Extension Partnership Program.
NYSTAR has designated ten (10) regional MEP centers to support New York State
manufacturers—one in each of the ten economic development regions—and a
statewide center (FuzeHub) to provide overall marketing, resource matching,
and referral.
-
FuzeHub, works primarily with small and medium sized manufacturers and
technology companies by matching their needs to the most appropriate NYS
innovation resource. FuzeHub also administers the Manufacturing Innovation
Fund that includes grants and other funding designed to assist small companies
in advancing their manufacturing operations or products. Companies can find
assistance at www.fuzehub.com.
-
The Science and Technology Law Center’s goal is to facilitate New York State’s
economic development by leveraging the experience and expertise of law
faculty and students to assist even more NYS businesses and institutions in
delivering new and emerging technology to the marketplace. The program helps
entrepreneurs and companies with new technologies identify potential challenges
and devise eective strategies to successfully bring that technology to market.
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The NYS Certified Business Incubator and Innovation Hot Spot Program provides
strategic funding to business incubators to improve the quantity and quality of
incubator services provided to emerging companies thereby enabling these
businesses to successfully transition from their start-up phase to larger scale
commercialization of their products and services. In addition, this program is
providing ESD with valuable information on the companies which are at the early
stage of entry into the state’s “innovation pipeline.”
•
New York oers innovators numerous resources to commercialize new technology.
No matter the technology sector, New York has invested in programs and facilities
to meet the needs of all innovators and entrepreneurs. Leveraging the dierent
commercialization assets can be a daunting task for any startup so ESD created the
Innovation Resource Center (IRC) to help innovators navigate through all resources ESD
can oer. The IRC oers the innovator community multiple services, including:
-
Comprehensive, tailored pathways strategically leveraging dierent ESD assets
and connections to each asset;
-
Continuous commercialization assistance via an internet helpdesk; and
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Periodic cohort workshops bringing ESD assets to the cohorts to develop action
plans to meet short and long-term commercialization goals.
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•
Additional programs administered by NYSTAR also serve small businesses in strategic
high-tech fields. These include NYSTAR’s Matching Grants Leverage Program, which
helps New York State higher education institutes secure federal research grants; and
the Faculty Development and Technology Transfer Incentive Programs. The Faculty
Development Program assists institutions of higher education in New York State in the
recruitment and retention of leading entrepreneurial research faculty in science and
technology fields with strong commercial potential. The Technology Transfer Incentive
Program helps New York companies commercialize high-tech innovations in partnership
with colleges and universities by providing awards to institutions of higher education to
move leading-edge technologies from the research lab to the marketplace.
Streamlining Government
Governor Cuomo’s agenda for a more ecient government meant a reevaluation of core
government operations and economic development strategies to provide better results
and maximize resources.
The state has a number of tools and resources to help small businesses navigate
government. These include the New York State Directory of Small Business Programs,
the Directory of Alternative Lending Programs, New York State Small Business Guide, and
New York Business Express. Most resources can be accessed through:
http://esd.ny.gov/SmallBusiness.html
Improving the Business Climate
The State is contending with a 14% decline in revenue, amounting to $61 billion over four (4)
years, due entirely to the pandemic. The FY 2021 Enacted State Budget provided the State
with tools to manage the uncertainty surrounding its finances that provide flexibility to avoid
major spending reductions if the Federal government acts responsibly and provides states
the funding they need to oset this incredible loss of revenue and maintain services.
Further details on State finances and the FY 2021 Enacted Budget can be found in the State
Financial Plan:https://www.budget.ny.gov/pubs/archive/fy21/enac/fy21-enacted-fp.pdf
Even in the midst of the declining revenue, the State has taken action to support small
businesses during this public health emergency. The State launched the $100 million New
York Forward Loan Fund that harnesses private sector donationsto provide flexible and
aordable loans to helpsmall businesses that did not receive federal COVID-19 assistance
with a focus on those owned by minorities and women. ESD also awardedmore than four
(4) million dollars to companies across the stateto support production of vital COVID-19
pandemic supplies. Thesecompanies are now manufacturing everything from improved
facial masks to ventilators to diagnostic antibody test kits.The Governor also signed into
law legislation that allows Industrial Development Agencies to make grants and loans to
businesses with fewer than 50 employees to help businesses aord personal protective
equipment for sta and meet operational costs during the pandemic.
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D. Statistical and Economic Analysis of New York State’s Small Businesses
by Industry
Micro-businesses are present in all New York industry groups. The highest-employing
industries are accommodations and food services (236,142 workers; 14.28 percent of the total)
and retail (201,653 workers; 12.20 percent of the total). Average monthly earnings are highest
in management companies and enterprises ($13,191), finance and insurance ($10,652) and
professional services ($7,235). Data is from the fourth quarter of 2017.
Employment in New York State Small Businesses with 0 - 19 Employees, By Industry
4th Quarter 2017*
Share of Total Average
Total Employment, All Firms Monthly
Industry Employment with 0 - 19 Employees Earnings
Accommodation and Food Services 236,142 14.28% $1,865
Administrative and Support and Waste 85,895 5.20% $4,168
Management and Remediation Services
Agriculture, Forestry, Fishing and Hunting 18,384 1.11% $2,860
Arts, Entertainment, and Recreation 41,191 2.49% $5,742
Construction 174,143 10.53% $4,782
Educational Services 26,718 1.62% $2,646
Finance and Insurance 46,543 2.82% $10,652
Health Care and Social Assistance 174,257 10.54% $4,884
Information 22,210 1.34% $7,020
Management of Companies and Enterprises 3,173 0.19% $13,191
Manufacturing 63,142 3.82% $3,913
Mining, Quarrying, and Oil and Gas Extraction 947 0.06% $5,254
Other Services (except Public Administration) 191,945 11.61% $2,789
Professional, Scientific, and Technical Services 155,011 9.38% $7,235
Real Estate and Rental and Leasing 91,057 5.51% $4,828
Retail Trade 201,653 12.20% $3,008
Transportation and Warehousing 35,953 2.17% $3,626
Utilities 697 0.04% $5,657
Wholesale Trade 84,246 5.10% $5,835
Source: US Census Bureau, Quarterly Indicators http://qwiexplorer.ces.census.gov/
*Most recent available data.
Note: unlike Labor Department data (page 1), this source includes businesses with no employees.
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Examining the larger small businesses with 20 - 49 employees, the highest-employing
industries are accommodations and food services (156,916 workers; 20.66 percent of
the total), health care and social assistance (84,432 employees, 11.12 percent) and retail
(67,478 workers; 8.88 percent). Average monthly earnings are highest in finance and
insurance ($20,690), management of companies and enterprises ($11,659), and utilities
($8,573). Data is from the fourth quarter of 2017.
Employment in New York State Small Businesses with 20 - 49 Employees, By Industry
(4th Quarter 2017*)
Share of Total Average
Total Employment, All Firms Monthly
Industry Employment with 20 - 49 Employees Earnings
Accommodation and Food Services 156,916 20.66% $2,276
Administrative and Support and Waste 37,389 4.92% $4,514
Management and Remediation Services
Agriculture, Forestry, Fishing and Hunting 8,491 1.12% $3,344
Arts, Entertainment, and Recreation 23,298 3.07% $3,241
Construction 73,045 9.62% $7,308
Educational Services 25,101 3.30% $3,108
Finance and Insurance 19,564 2.58% $20,690
Health Care and Social Assistance 84,432 11.12% $4,846
Information 14,823 1.95% $5,604
Management of Companies and Enterprises 3,327 0.44% $11,659
Manufacturing 51,296 6.75% $4,912
Mining, Quarrying, and Oil and Gas Extraction 818 0.11% $6,942
Other Services (except Public Administration) 46,514 6.12% $3,802
Professional, Scientific, and Technical Services 57,323 7.55% $9,797
Real Estate and Rental and Leasing 26,253 3.46% $6,211
Retail Trade 67,478 8.88% $4,088
Transportation and Warehousing 19,014 2.50% $4,386
Utilities 509 0.07% $8,573
Wholesale Trade 43,986 5.79% $7,332
Source: US Census Bureau, Quarterly Workforce Indicators
http://qwiexplorer.ces.census.gov/
*Most recent available data.
Note: unlike Labor Department data (page 1), this source includes businesses with no employees.
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E. State and Local Small Business Regulations
Summaries of regulatory changes aecting small businesses are available at:
http://www.esd.ny.gov/SmallBusiness/Reports.html.
The 2020 budgetary summary and regulatory and legislative summaries from July 1, 2019
through June 30, 2020 will be updated in September 2020. Previous years summaries of
regulatory changes aecting small businesses are also available at the link above.
The state’s Regional Economic Development Councils and community stakeholders have
developed draft recommendations of regulatory measures. Many of these recommendations
have either already been addressed and many others are currently being addressed.
Finally, substantial information on state and some local regulations aecting small
businesses are contained within the following directories:
•
http://www.dos.ny.gov/info/nycrr.html - Access New York Codes, Rules and Regulations
(NYCRR) from the Department of State, Division of Administrative Rules web page.
•
http://www.tax.ny.gov/pubs_and_bulls/ - The New York State Department of Taxation
and Finance website contains a comprehensive list of publications and tax regulations
aecting businesses.
•
http://www.nyssbdc.org/services/reg_compliance.html - The New York Small Business
Development Center network compiles resources for local, state and federal laws and
regulations.