How Dependent is Binghamton on Small Business
One of the things that we've been saying for the last year is to "buy local" and do our part to keep them in business. I'm not trying to take away from other businesses because local people work there too.
For the past 11 months, small businesses have been taking it on the chin because of COVID-19. Obviously, this has affected some areas worse off than others and some people believe that the local business is what's being targeted during the coronavirus pandemic.
So how much do local businesses mean to the state and local economies? Construction Coverage did a study that looks at what states are most dependent on small businesses for jobs.
They said that in the US, small businesses employ around 60 million people and that makes up about half of the country's private workforce. That leaves me with two questions.
How does New York State rank overall and (more importantly) how much does Binghamton depend on its small businesses? New York State has over 4 million people working for a small business and that accounts for nearly 50% of all New York State workers.
Overall, New York ranks as the19th most dependent state on small businesses for jobs. So that's better than average and better than I thought. So what about Binghamton? According to the study, the Binghamton area has over 42,000 people with a job at a small business.
That accounts for nearly 53% of all Binghamton workers and that does not surprise me at all. If you're a small business and interested in finding the areas of the country that relies on small business the most, then go here.
Here's a hint: Many of them are out west but one small metro in New York made the top 10. It's a $47 bus ride and about 2 1/2 hours away from Binghamton. Where do you think it is?