Small businesses are booming in the Bronx, according to a small sample survey.
The analysis, conducted by TD Bank, asked 495 New York businesses about their prospects for the coming year. Some 100 participatory businesses are located in the Bronx.
The survey detailed citywide optimism for the year, with 86 percent of Bronx small business owners expecting higher revenue, the strongest mark of any borough. Additionally, 93 percent of those Bronx small business owners surveyed are optimistic or excited about 2016, making it the most optimistic borough in the city.
Some indicators for a positive outlook included cost of office space and the borough’s immunity from international economic issues, according to a spokesperson for TD Bank.
A result of these projections is job growth with 71 percent of Bronx businesses expected to grow their workforce, another city-best statistic. Those figures align with expected job growth across the country.
Business owners owned by so-called Millenials, those born on or after 1982, could be the reason behind this overall job growth, as 80 percent of Millennials plan on increasing their firm’s size. In contrast, only 16 percent of baby boomers look to follow those steps.
Millennial-owned businesses were more successful than their boomer counterparts, with nearly half of them exceeding revenue goals last year as opposed to 21 percent for baby boomers.