New York Business & Employment Growth Since 2009

  • 61,810 more businesses
  • 1,088,027 more employees
  • 13.0% increase in total wages
  • $15,163 increase in annual wages per employee
  • 26.3% increase in wages per employee

Since 2009, the number of businesses in New York has grown by 10.6% (0.8% less than the national average of 11.4%). Employment in New York has grown by 13.0% (0.6% less than the national average of 13.6%). Wages have grown by 26.3% since the end of the Great Recession. This wage growth is 0.6% greater than the national average of 25.7%.
The average weekly wage in New York of $1,402 is 21.5% above the national average of $1,101. The gap between the national average has widened from 21.1% a widening of 0.4% since the end of the recession.

Sector Growth

Business Sector Growth

The Retail trade sector has the most businesses in the state of New York. Since the end of the recession, the number of businesses has grown from 73,284 to 75,023, a gain of 2.4%. The table below illustrates the change in number of businesses in each sector.
Sector20182009Pct Chg
Retail trade75,02373,2842.4%
Other services73,30565,29812.3%
Professional services71,44064,89010.1%
Healthcare57,98652,8569.7%
Accommodation and food services53,54842,44126.2%
Construction50,00849,7990.4%
Waste services36,66728,16830.2%
Wholesale trade35,10837,871-7.3%
Real estate and rental34,93533,9802.8%
Finance and insurance29,31330,001-2.3%
Manufacturing16,89518,980-11.0%
Arts and entertainment12,58011,32111.1%
Information12,55411,6048.2%
Transport and warehousing12,49011,8175.7%
Educational services9,3367,38126.5%
Company management3,8003,6643.7%
Agriculture and forestry2,6762,39111.9%
Utilities64745641.9%
Mining and oil extraction373389-4.1%

The sector that has had the strongest growth [in number of businesses] is the Unclassified sector, which has increased by 0.0% since 2009. The sector that has has the largest decline is the Wholesale trade sector, which has declined by 7.3% since the recession.

Employment Sector Growth

The Healthcare sector has the most employees in the state of New York. Since the end of the recession, the number of employees has grown from 1,258,273 to 1,559,725, a gain of 24.0%. The table below illustrates the change in number of employees in each sector.
Sector20182009Pct Chg
Healthcare1,559,7251,258,27324.0%
Retail trade929,521861,1297.9%
Accommodation and food services779,379570,17536.7%
Professional services675,509561,03420.4%
Waste services518,711404,00828.4%
Finance and insurance513,393496,5973.4%
Manufacturing441,482474,712-7.0%
Construction399,151323,69423.3%
Other services370,091321,32015.2%
Educational services354,417291,15621.7%
Wholesale trade329,667329,6680.0%
Information275,446251,5659.5%
Transport and warehousing255,928219,18816.8%
Real estate and rental200,802179,04312.2%
Arts and entertainment177,490139,25427.5%
Company management144,373130,63610.5%
Utilities37,60339,220-4.1%
Agriculture and forestry27,05422,64019.5%
Mining and oil extraction4,7244,761-0.8%

The sector that has had the strongest employment growth [in number of employees] is the Healthcare sector, which has increased by 24.0% since 2009. The sector that has has the largest employment decline in number of employees is the Manufacturing sector, which has declined by 7.0% since the recession.

Weekly Wage Growth By Sector

The Finance and insurance sector has the highest average weekly wage in the state of New York. Since the end of the recession, the average wage has grown from $3,342 to $4,442, a gain of 32.9%. The table below illustrates the change in weekly wage in each sector.
Sector20182009Pct Chg
Finance and insurance$4,442$3,34232.9%
Company management$2,911$2,30326.4%
Information$2,498$1,69247.6%
Utilities$2,381$1,78233.6%
Professional services$2,208$1,67431.9%
Wholesale trade$1,662$1,33025.0%
Real estate and rental$1,428$1,00641.9%
Construction$1,409$1,14822.7%
Mining and oil extraction$1,309$1,07122.2%
Manufacturing$1,300$1,09818.4%
Educational services$1,206$89934.1%
Arts and entertainment$1,058$85224.2%
Waste services$1,032$77932.5%
Transport and warehousing$1,008$81623.5%
Healthcare$988$84816.5%
Other services$806$64225.5%
Retail trade$702$56125.1%
Agriculture and forestry$701$54329.1%
Accommodation and food services$557$41135.5%

The sector that has had the strongest wage growth is the Unclassified sector, which has increased by 0.0% since 2009. The sector that has has the smallest wage growth is the Healthcare sector, which has declined by 16.5% since the recession.


Industry Growth

Business Industry Growth

The Restaurants and other eating places industry has the greatest number of businesses in the state of New York. This industry currently has 43,500 businesses in it. There is no direct comparison to the total at the end of recession and is not included in the table below.

Industry20182009Pct Chg
Unclassified37,70523,88457.9%
Private households21,33919,04612.0%
Offices of physicians15,87417,276-8.1%
Residential building construction15,43514,6425.4%
Computer systems design and related services13,73910,93125.7%
Lessors of residential buildings13,45513,803-2.5%

The top industry that has had the largest increase in the number of businesses is the Unclassified industry, which has increased by 57.9% since 2009. The top industry that has has the largest decline in the number of businesses is the Offices of physicians industry, which has declined by 8.1% since the recession.

Employment Industry Growth

The Restaurants and other eating places industry has the greatest number of employees in the state of New York. This industry currently has 589,295 employees in it. There is no direct comparison back to the total at the end of the recession and is not included in the table below.

Industry20182009Pct Chg
General medical and surgical hospitals353,950325,2788.8%
Home health care services233,379104,103124.2%
Colleges and universities189,326162,84516.3%
Supermarkets and other grocery stores167,346155,7507.4%
Services for the elderly and disabled163,424121,33534.7%
Offices of physicians160,452144,23611.2%

The top industry that has had the largest increase in the number of employees is the Home health care services industry, which has increased by 124.2% since 2009. The top industry that has has the largest decline in the number of employees is the Supermarkets and other grocery stores industry, which has declined by 7.4% since the recession.

Weekly Wage Growth By Industry

The Portfolio management industry has the highest average weekly wage in the state of New York. Since the end of the recession, the average wage has grown from $7,304 to $8,950, a gain of 22.5%. The table below illustrates the change in weekly wage in each sector.
Industry20182009Pct Chg
Portfolio management$8,950$7,30422.5%
Securities brokerage$7,698$5,49240.2%
Investment banking and securities dealing$6,996$6,11014.5%
Miscellaneous intermediation$6,859$5,48925.0%
Investment advice$5,852$4,75323.1%
Pension funds$5,294$3,06472.8%
Commodity contracts dealing$5,098$4,8864.3%

The top industry that has had the strongest wage growth is the Pension funds industry, which has increased by 72.8% since 2009. The top industry that has has the largest wage decline is the Commodity contracts dealing industry, which has declined by 4.3% since the recession.


Company Size

Business Growth By Company Size

The biggest percentage change in the number of businesses has been in businesses with 500 to 999 employees. The number of businesses with this number of employees has grown from 706 to 844, which is an increase of 19.5%.

The smallest percentage change in the number of businesses has been in businesses with 5 to 9 employees. The number of businesses with this number of employees has grown from 85,770 to 93,574, which is an increase of 9.1%.

Table: Change in the number of Businesses by Size of Business, since the Recession:

Company SizeQ1 2018Q1 2010% Change
Fewer than 5 Employees411,782372,86310.4%
5-9 Employees93,57485,7709.1%
10-19 Employees61,59254,62112.8%
20-49 Employees41,71335,89016.2%
50-99 Employees13,28011,35616.9%
100-249 Employees7,6056,56415.9%
250-499 Employees2,1241,84615.1%
500-999 Employees84470619.5%
More Than 1,000 Employees51943918.2%


Employment Growth by Company Size

The biggest percentage change in the number of employees has been in businesses with 1,000 or more employees. The number of employees in companies this size has grown from 950,648 to 1,210,787, which is an increase of 27.4%.

The smallest percentage change in the number of employees has been in businesses with 5 to 9 employees. The number of employees with this number of employees has grown from 558,348 to 610,282, which is an increase of 9.3%.

Table: Change in the number of Employees by Size of Business, since the Recession:

Company SizeQ1 2018Q1 2010% Change
Fewer than 5 Employees612,293553,98010.5%
5-9 Employees610,282558,3489.3%
10-19 Employees822,539729,71012.7%
20-49 Employees1,246,7751,070,14316.5%
50-99 Employees902,369770,96917.0%
100-249 Employees1,143,229980,50416.6%
250-499 Employees719,155628,28814.5%
500-999 Employees567,941477,57418.9%
More Than 1,000 Employees1,210,787950,64827.4%


Weekly Wage Growth by Company Size

The biggest percentage change in the average weekly wage has been in businesses with 250 to 499 employees. The average weekly wage in companies this size has grown from $1,485 to $1,961, which is an increase of 32.1%.

The smallest percentage change in the average weekly wage has been in businesses with 1,000 or more employees. The average weekly wage in companies this size has grown from $2,547 to $2,856, which is an increase of 12.1%.

Table: Change Average Weekly Wage by Size Since the Recession:

Company SizeQ1 2018Q1 2010% Change
Fewer than 5 Employees$978$77925.5%
5-9 Employees$988$80422.9%
10-19 Employees$1,098$87425.6%
20-49 Employees$1,249$1,05019.0%
50-99 Employees$1,445$1,19221.2%
100-249 Employees$1,625$1,33421.8%
250-499 Employees$1,961$1,48532.1%
500-999 Employees$2,231$1,70530.9%
More Than 1,000 Employees$2,856$2,54712.1%



Data Sources




About the Writer

This page was created and is maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt is an executive, data scientist and software engineer who holds an MBA in Management Information Systems. In 2010, he partnered with scientists at Northwestern University to launch The Street Wire. This was one of the first mainstream uses of what would become “Narrative Science”, an artificial intelligence platform specializing in natural language generation. You can contact Kurt on LinkedIn here.