A new study released on Tuesday found that New York's Israeli-run businesses have boosted the state's economy by billions of dollars in 2018 alone, significantly contributing to its economic growth as well as the employment rate.
"Israel's reputation as an entrepreneurial powerhouse is arguably most evident in New York City, where it's nearly impossible to walk a block without encountering its influence," the independent study conducted for the New York-Israel Business Alliance states.
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Between 2009 and 2018, 436 Israeli companies were founded and maintained offices across New York state.
The study found that there are over 500 Israeli companies that have directly employed 24,850 New Yorkers today, while another 27,502 saw employment as a result of the additional support needed by these companies.
Between 2016 and 2018, considerable statistics found that Israeli businesses had a 9.5% year-over-year profit growth rate, while the rest of the state grew at less than half of that rate at 4.2%.
Five Israeli start-up companies whose valuations exceed $1 billion – also referred to as "unicorns" – such as WeWork and Taboola, are considered New York-born and bred.
As a result of limiting economic factors that Israeli entrepreneurs face at home, these self-starters feel compelled to explore more global markets in creative and technologically innovative ways. This has helped the Empire State establish itself as "a global innovation leader."
The real estate, financial services, fashion, marketing, and culinary sectors are where Israeli labor is most represented in New York state's economy.
Israel's additional industrial strengths like artificial intelligence, drones, cyber-security, life sciences, renewable energy, and agriculture serve as potential assets, with both New York City and state hailing their operational efforts in improving each of the sectors.
