Focus on the Microeconomy

Historically, the vast majority of businesses in the study area have been small establishments that employ fewer than 20 people. These firms, which we call the “micro economy,” have powered the local economy by providing employment to approximately 30% of all workers in the Mid-Hudson Valley and offering goods and services that are essential to day-to-day life. However, comparative data from 2008 and 2016 shows that this important segment of the Mid-Hudson Valley economy has seen uneven growth in the years since the Great Recession, with the number of small businesses shrinking in some counties and growing modestly in others.