Small Business Statistics
What is a small business?
The Small Business Administration’s Office of Advocacy defines a small business for research purposes as “an independent business having fewer than 500 employees.” Additionally, SBA has established size standards that define whether a business entity is small and, thus, eligible for government programs and preferences reserved for “small business” concerns. Size standards have been established for types of economic activity, or industry, generally under the North American Industry Classification System (NAICS).
In New York State, the definition of a small business for the purposes of Chapter 15 Economic development law, S 131 (Article 4-B Division for Small Business), “a small business shall be deemed to be one which is resident in this state, independently owned and operated, not dominant in its field and employs one hundred or less persons.” The State utilizes this definition to determine eligibility for the Small Business Environmental Ombudsman (SBEO) program, the annual New York State Small Business Awards, and other services or programs.
Did you know:
- Small businesses make up 99.8 percent of all New York businesses. (https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-NY.pdf)
- New York small businesses employed 4.0 million people, or 50.2% of the private workforce, in 2015.
(https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-NY.pdf)
- The website NerdWallet rates New York as the 5th most entrepreneurial in the country, based on an analysis of 1) the number, size, and increased number of SBA loans, 2) venture capital funding, and 3) the growth of small business population for each state.
- Small patenting firms produce 13 times more patents per employee than large patenting firms. In 2015, New York ranked third in the number of patents awarded in the US. (http://www.uspto.gov/web/offices/ac/ido/oeip/taf/cst_utl.htm)
- New York has a diverse economy. Nearly one-fourth of its land is dedicated to agriculture. In 2016, NYS ranked 2nd in the U.S. in apples and maple products; 3rd in milk, cabbage, and snap beans; 4th in grapes; and 5th in squash,and tart cherries. (http://www.ers.usda.gov/data-products/farm-income-and-wealth-statistics/cash-receipts-by-commodity-state-ranking.aspx)
- In 2015, 94% of all exporting firms in New York were small businesses. These firms were responsible for nearly 57% of the value of exports leaving the state. Canada is NYS’s best export customer, receiving $12,567,000 of the state’s exports in 2017. New York-Newark-Jersey
City is the 1st largest metro area reporting exports nationwide. (www.trade.gov/mas/ian/statereports/tg_ian_001955.asp)
- As of 2012, there were 709,021 minority-owned businesses and 725,709 women-owned businesses in New York, many of them small businesses. New York has made it a priority to remove barriers in state contracting. (Source: 2012 Survey of Business Owners (conducted every five years by the U.S. Census), for New York State: http://factfinder.census.gov/faces/nav/jsf/pages/searchresults.xhtml?refresh=t Enter “SB1200CSA01” in “topic or table name” search box)
New York State Small Business Profile 2018
This annual profile from the SBA’s Office of Advocacy shows the number of small, women-owned, and minority-owned businesses in New York State; business turnover (new firms, bankruptcies and terminations); employment; small business income; sources of financing; firms by industry and firm size; and non-farm establishment job gains and losses by firm size.
The Small Business Economy 2018
The Small Business Economy is an annual report since 1982, which continues to serve as a reference source to business owners, policymakers, and researchers when they need information on small business' performance in the economy.