Immigrants constitute half of New York's small businesses



New York City and its outlying region are extremely diverse, and even more varied is the city's immigrant population. But how do these groups impact the local economy? In one very big way: small business.

According to a study released this week by the Fiscal Policy institute, immigrants make up roughly one-third of New York's population but are nearly half - 48 percent - of its small business owners. Mostly, they drive taxis, run laundromats and own the corner stores that dot nearly every block in the city.

"The foreign-born entrepreneurs come from all over the world," The New York Times reports. "The country whose natives make up the largest share of immigrant business owners is China, with about 9 percent of the total. China is followed by the Dominican Republic, Korea, India, Italy, Greece, Colombia, the former Soviet Union, Israel and the Palestinian territories and Jamaica."

Earlier this year, Mayor Michael Bloomberg launched a program aimed at offering immigrant small business owners the opportunity to take business courses in their native languages. Many analysts assert that the city's substantial small business community has helped it emerge relatively strongly from the recession.

Tags : New York, LLC, LP, Taxes, Corporate Books
Posted: Oct 5th, 2011
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