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DiNapoli: SMALL BUSINESS GROWTH SPEARHEADS VIBRANT FLUSHING ECONOMY

 

Flushing, Queens is a diverse and historic neighborhood defined by its immigant population and strong job growth according to an economic snapshot released today by New York State Comptroller Thomas P. DiNapoli. 

 

"Flushing is busy, booming, and bringing people to its streets at a tate that few can rival," DiNapoli said. " This neighborhood boasts one of the highest business growth rates in the city and has added jobs every year since 2005 despote the Great Recession. It is the people of Flushing who are making it happen. This is a diverse neighborhood, rich in history, whih attracts immigrants from countries far and wide. The entrepreneurial spirits of Flushing, seen in the thousands of small businesses that have buoyed this neighborhood's economy, defineds what today's New York City is all about."

 

Boosted by immigration, the popluation in Flushing grew by 2 percent between 2000 and 2010, to reach 171,530 residents, faster than the rest of Queens. The neighborhood is a thriving economic community for Asian culture, with residents of Chinese descent composing nearly 40 percent of the population and those of Korean descent, the nest largest grou, composing 13 percent. Of the 55 U Census neighborhoods in New York City, the greater Flushing area had the third-highest share of foreign-born residents in 2009 at 53.5 percent. 

 

A January 2010 report issued by the State Comptroller found tht neighborhoods with large immigrant populations had stronger economic growth than the City as a whole. Flushing illustrates this trend well: Between 2000 and 2009, the number of business establishements in the greater Flushing area grew by 37.6 percednt, fas surpassing the growth rate for the rest of New York City (5.7 percent).

 

Small businesses predomninate in Flushing. According to the US Census Bureau, 76.4 percent of the 5,570 businesses in Flushing employed fewer than five workers in 2009, significantly greater than the share in the rest of New York State and the nation. More than half of all businesses were concentrated in four sectors: retail trade, other services )e.g. personla services and auto repair), healthe care and social assistance, and construction.