Environment, Data/Demographics/History, Economic Development
In recent years, the contributions of small business to the American economy have become increasingly apparent. Small firms are a significant source of new jobs, and play crucial roles in the development of new technologies and provision of economic opportunities. Small businesses may be especially critical to the regional economies of upstate New York, where a number of large employers have either moved their operations or scaled back their workforces. As a result, it is important to understand the factors that affect small business growth in the region. Recognizing the growing importance of small firms to the upstate New York economy, the Buffalo Branch of the Federal Reserve Bank of New York in partnership with the Center for Governmental Research (CGR) surveyed small businesses in western and central New York State. Small business owners know firsthand the challenges of operating a business in the region, and their insight is vital to comprehending what is necessary for future job growth.