New York: #1 revenue not translating to optimism for local business owners
- New York City leads all metro areas in sales revenue and credit score
- Nevertheless, New York ranks 34th in small business optimism and 43rd in hiring intent
- Trump, national economy, local regulations dampening the mood
New York City’s small business owners are making money — lots of it. In fact, according to a new report by Biz2Credit, New York City is the top metro area in the nation for annual revenues ($979,674) and average credit score (646). Lots to be excited about, right?
Well, turns out nation-leading sales numbers don’t always lead to nation-leading optimism. According to a national survey by Womply, New York state comes in #34 nationally in small business optimism, with 57% of the state’s local business owners reporting optimism compared to 70% nationally.
All told, the Empire State has 3.7 optimistic owners for every pessimistic one, but it’s the state’s relative optimism that doesn’t match its incredible sales momentum. Furthermore, New York’s small businesses are pretty reticent to hire. Only 17% of the state’s SMBs plan to add staff this year, ranking #43nationally.
So, what’s dragging down optimism? For owners who are pessimistic about business prospects, their top reasons for concern are (1) Donald Trump’s election as the 45th U.S. president, (2) the health of the U.S. economy, and (3) the state regulatory environment. Among all respondents, the top worry is, ironically, making enough money.
Our state of small business report also outlines how New York’s Main Street entrepreneurs feel about key political and policy issues like Obamacare repeal, tax policy, immigration, overtime, minimum wage, and more. Read the full report below.
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