Almost Half of NYC Small Business Owned by Immigrants
New York City has always been a melting pot. For hundreds of years immigrants have flocked to the Big Apple for their chance to make it big. It’s not surprising that the Fiscal policy Institutes Immigration Research Initiative recently found that 48% small businesses in NYC are owned by immigrants.
The study looked at statistics between 2005 to 2009 and found that the percentage of immigrant small business owners increases in certain areas. For instance 90% of taxi and limousine services, 85% of small businesses, 69% of restaurants and 63% of clothing stores in New York City are owned by immigrants.
In a city so famous for opportunity it is not shocking that immigrants account for 36% of the population. Nor is it unbelievable that almost half of small businesses in the city are owned by immigrants. New York City continues to be a place where immigrants have the chance to make their ambitions a reality.