News Summary
New York businesses are experiencing revenue growth exceeding 11%, primarily attributed to the adoption of artificial intelligence (AI) and external data sources. A recent study reveals that 63% of CEOs credit improved decision-making to data integration, leading to enhanced profits and operational efficiency. The growth rate positions New York competitively among other states, as companies prepare to expand their AI workforce. Additionally, Governor Kathy Hochul proposes a requirement for firms to disclose layoffs related to AI, addressing concerns about automation’s impact on employment.
New York businesses are seeing an impressive average revenue growth of over 11%, driven primarily by their adoption of artificial intelligence (AI) and the utilization of external data, according to a recent study. This surge places New York among the top states in the U.S. for business growth, bolstering its position in a highly competitive economic landscape.
The study highlights that 63% of CEOs in New York credit their improved decision-making capabilities to the integration of data. Many of these enterprises are leveraging AI and external data sources to gain better insights into customer needs, boost operational efficiency, and maintain their competitive edge in the market. More than half of the businesses surveyed reported increased profits, averaging an increase of around 11%.
In addition to financial growth, companies noted that their operations are running approximately 10% smoother on average. Enhanced customer experiences, stronger market positions, expedited product development, and improved fraud protection are among the key benefits realized by these firms. The evidence suggests a correlation between AI adoption and significant operational improvements.
Nationally, Delaware leads the growth rate at nearly 15%, followed by North Carolina at 13.8% and Georgia at 13.4%. New York’s growth rate is particularly noteworthy, surpassing states such as California, Illinois, and Washington. The findings of the study indicate that the integration of AI and data is not only enhancing efficiency but also cutting costs and accelerating overall growth throughout New York State.
In a survey conducted among 500 C-suite executives in New York, nearly 99% expressed intentions to hire additional AI talent within the next three years, a rise of 20% from the previous year. Additionally, 84% of executives reported upskilling or reskilling their employees for AI-related roles over the past year, with 86% planning to do so in the coming year. The overwhelming majority of 91% city business leaders are optimistic about the impact of AI implementation in their organizations, and a similar percentage is confident that current investments in AI will confer a competitive advantage in the next three to five years.
Concerns regarding the return on investment from AI talent acquisition have lessened compared to last year. Furthermore, AI-related job openings in New York are growing at twice the national average, with listings increasing by 120% year-over-year. Major employers such as Amazon, Meta, Google, Bloomberg, and JPMorgan Chase, along with educational institutions like New York University and Columbia University, are leading the charge in AI adoption.
As New York continues to emerge as a leader in AI implementation, the blend of technology with practical business applications is becoming increasingly effective. In response to growing concerns about the potential impact of AI on the workforce, Governor Kathy Hochul has proposed a groundbreaking initiative. New York will become the first state in the U.S. to require companies to disclose if layoffs are the result of AI, as part of the Worker Adjustment and Retraining Notification (WARN) system. This regulatory shift underscores the serious discussions surrounding AI’s role in job losses across various sectors due to automation.
As the landscape of business in New York evolves, the promising revenue growth tied to AI and data utilization presents both opportunities and challenges, further shaping the future of work in the state.
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Additional Resources
- Reuters: AI Not Affecting Job Market Much So Far, New York Fed Says
- NY Times: AI and Expense Reports
- Crain’s New York: New York Businesses Embracing AI
- NY Times: Over 100 Articles on AI’s Impact
- Entrepreneur: New York Requiring AI Layoff Disclosure
- Wikipedia: Artificial Intelligence
- Google Search: AI Impact on Business
- Google Scholar: AI in Business
- Encyclopedia Britannica: Artificial Intelligence
- Google News: AI Job Market
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
