new york — There are positive signs for the economy and New York State.
Small businesses across the country are booming, with new business applications reaching record numbers last year, according to a new report.
It's a belated dream come true. After overcoming several obstacles, Miguel Guadarrama opened her East Williamsburg cafe with her mother in June 2023.
“We've been planning to open something since 2018 or 2019,” Guadarrama said.
He said what really stopped him from opening in 2020 was the coronavirus pandemic, but once the outbreak subsided, his business, Café Miguel, took off.
“I was able to achieve what I had envisioned,” Guadarrama said.
He is an example of the surge in new small and medium-sized businesses reported in the United States after the pandemic.
The U.S. Chamber of Commerce announced that the number of new business applications in 2023 will reach a record high of 5.5 million.
In New York state, there was an 8.1% increase, with Brooklyn filing the most applications, at about 52,000.
“During the pandemic, a lot of businesses in the neighborhood were just sitting on the sidelines, waiting for a better opportunity,” said Yaz Mansi, community engagement manager for the Grand Street Business Improvement District. .
Now is the time, Mansi said, adding that his district currently has the lowest number of vacant storefronts, accounting for just 6.1% of the more than 150 vacant storefronts, praising the district's strong sense of unity. are doing.
“These long-established communities and new people coming in create an interesting dynamic,” Mansi said.
When you think of small businesses, you might think of brick-and-mortar stores, but experts say that's not always the case.
Financial experts who spoke to CBS New York believe that many of these new apps were people's remote side jobs during the pandemic, but are now turning into full-time jobs.
“They didn't have to give it up,” said Carl Gould, chief growth advisor at Seven Stage Advisors. “They're registering as LLCs because they think they can make a real business out of this.”
Gould said that kind of entrepreneurship is exactly what the economy needs.
According to a new report, Connecticut had a slightly better increase compared to New York, while New Jersey was one of the few states with a 1% decline in claims.
