The New York – Israel Business Alliance has released the results of a new study conducted to understand the impact of Israel-founded businesses on the New York state economy.
The companies are involved in the agriculture, artificial intelligence, cybersecurity, drones, life sciences, and renewable energy industries.
According to the study:
- Israeli-founded companies directly contributed $18.6 billion in revenue to the New York state economy in 2018
- The economic benefit of Israeli companies to New York jumped to $33.8 billion
- The 506 Israeli companies employed 24,850 New Yorkers and indirectly employed 27,502
- New York State is home to five Israeli-founded unicorns – startups valued at $1 billion and above (Compass, Lemonade, Payoneer, Taboola, and WeWork)
- From 2009 to 2018, 436 Israeli-founded companies opened and maintained offices in New York State
- The overall revenue and employment impact of Israeli-founded businesses in New York increased by 8.7% and 3.0% per year, respectively, between 2016 and 2018
Aaron Kaplowitz, New York – Israel Business Alliance, said: “For anyone who has spent time in New York over the past decade, it’s evident that Israeli businesses are flourishing here.
“For the first time, we’re able to quantify their impact and use data to help create additional jobs and generate more revenue across New York State.”