Assemblyman Fred W. Thiele, Jr. (I, D, WF-Sag Harbor), Chair of the Assembly’s Small Business Committee, announced the availability of a new report issued by State Comptroller Thomas P. DiNapoli, “The Economic Impact of Small Business in New York State.”

The report notes that small businesses are a vital part of New York’s economy, supporting nearly 3.9 million jobs and generating more than $950 billion in annual revenues. 451,000 of New York’s 455,000 businesses are considered small businesses.

Over the last ten years, New York’s small businesses fared better than the nation’s as a whole. Small business employment in the State rose by a net 1.6 percent, or 59,000 jobs, in the 10-year period through 2013, while declining nationally by 1.1 percent. During this same 10-year period, the number of small businesses remained unchanged nationally but rose 5 percent in New York. Total payroll amounts at small businesses rose 29.7 percent in New York, about 2 percentage points better than the national average.

The Comptroller’s report noted that wholesale and retail trade, professional services, leisure activities, and health services make up the majority of New York’s small businesses.

Thiele noted that Long Island leads the State in percentage of small businesses with less than 20 employees, and small businesses on Long Island hold a higher share of total receipts and payrolls in the region, more so than any other region in the State.

The Comptroller’s Report is available at: http://www.osc.state.ny.us/reports/economic/economic_impact_small_business_2016.pdf