Governor Kathy Hochul supported Small Business Saturday by touring Troy companies.
According to Hochul’s statement, 98% of the state’s firms are small businesses with fewer than 100 employees. They make up around 40% of the workforce in the private sector.
Furthermore, there are about 71,000 stores in New York. According to Hochul’s office, there are about 55,000 independent small retailers that will generate over $20 billion in state sales tax income and about $40 billion in wages in 2023.
I’ve witnessed firsthand the difficulties and rewards of running a small business after assisting my mom in opening a modest flower store in our neighborhood,” Hochul said in a statement. Let’s be sure to support local businesses this holiday season, as they generate employment, boost our economy, and contribute to the distinct charm and character of our communities.