Business
ISRAELI COMPANIES BOOSTED NEW YORK ECONOMY BY OVER $30 B. IN 2018
Israeli founded-companies operating in New York directly contributed $18.6 billion in revenue in 2018, a new study by the independent New York – Israel Business Alliance has revealed and published today also by Jerusalem post.
The economic benefit to the state by 506 Israeli companies surges to $33.8b., when considering spend on local goods and services, representing approximately 2% of New York's gross domestic product.
The publication of the report accompanied the arrival of New York Governor Andrew Cuomo in
The companies directly employ 24,850 residents of
"While Silicon Valley may be perceived as a dream destination for start-ups,
"Today, there are more direct flights between Tel Aviv and the
Between 2014 and 2016, the report said, Israeli companies in
Growth continued from 2016 to 2018 as direct revenues of companies grew year-over-year by 9.5%, significantly faster than the 4.2% growth recorded among the rest of the state. Israeli companies also enjoyed 2.5% job growth during the same period, while the rest of the state grew by 1.2%.
"I wanted to understand trends better and also identify growth sectors. When you look at the areas where
While Israeli companies have active for some time in established New York industries, such as real estate, financial services, fashion and marketing, notable growth has more recently been witnessed in sectors including artificial intelligence, drones, cybersecurity, life sciences renewable energy and agriculture.
The surge in activity in these priority sectors relies on a perfect match between Israeli strengths and New York-based assets, including the establishment of a 50-mile drone air corridor in Central New York and the state's position as one of the leading agricultural regions in the
"Part of the key to understanding
"The land is limited on resources and located in a tough neighborhood with minimal cross-border trade opportunities. When you combine the people and the land,
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