Economic Study Prompts Small Businesses to Join Coalition, Showcase Vital Role of Internet to New York Economy

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Apr 06, 2022, 08:00 ET

Local businesses share experiences to shed light on how the internet accounts for 432K jobs and contributes $152B to state GDP in New York

NEW YORK, April 6, 2022 /PRNewswire/ -- After a recent economic study finds direct links between the internet ecosystem and economic growth in New York, New York-based businesses join the national coalition, Internet for Growth, to help tell their individual stories of how they and their businesses have benefited from the internet.

The Economic Impact of the Market-Making Internet, a study released every four years by the Interactive Advertising Bureau (IAB), finds that the internet contributed $152.4 billion to the state's GDP in 2020, and accounts for approximately 432,000 jobs in the Empire State.

The growth in New York State's internet jobs has been remarkable, going from 150,000 in 2012 to just under 432,000 in 2020—a growth rate of 187 percent.

Recently, the IAB helped launched a national coalition, Internet for Growth, to help capture the stories of the millions of creators, entrepreneurs, and small businesses that rely on the ad-supported internet so that as policy makers consider regulations, they have a full understanding of how the internet is being used to help grow and transform our economy. Internet for Growth has more than 300 small business members including several based in New York, including Schneps Media and Myra.

"This type of growth shows how critical the internet really is to the economy in New York State and for businesses of every size and sector," said Josh Schneps, CEO and co-publisher of Schneps Media.

"That's why I've joined the Internet for Growth coalition. I want policymakers to understand how critical the internet has been to my business and how important it is to every part of our state's economy."

According to the study, 15 New York Congressional districts have at least 10,000 internet-dependent jobs. In three of New York's Congressional districts, internet-related jobs employ at least six percent of the population.

This dramatic job growth can be attributed to a number of factors, including the internet's ability to improve and refine advertising and marketing approaches, particularly for small businesses.

"The internet lowers cost to entry for all businesses, but it provides a significant benefit to small businesses," said Greg Laptevsky, Founder and CEO of Myro. "Small businesses and the self-employed created 38 percent of internet jobs—a larger percentage than medium (28%) or large firms (34%). This clearly shows how the internet democratizes business creation, allowing the smallest of firms to compete."

Nationally, the study finds that the internet economy grew seven times faster than the overall total US economy, creating more than 7 million jobs in the last four years.

About Internet for Growth

Internet for Growth, an initiative of the Interactive Advertising Bureau, supports the transformative role the advertising-supported internet plays in empowering America's small businesses, helping entrepreneurs bring their ideas to life. Supported by a diverse community of over 700 IAB members including marketers, agencies, publishers, platforms, and ad tech providers, as well as hundreds of small businesses and creators, we highlight the benefits the internet delivers to local economies, expanding opportunities for innovators to reach markets far beyond their neighborhoods. Our work ensures people understand the limitless opportunity the internet provides for creativity and commerce, fair competition, and connecting with consumers on mutually shared values and interests, no matter the background or geography.

Contact: Lauren Corcoran-Doolin, [email protected]

SOURCE Internet for Growth