The annual Economic Development Breakfast hosted by the Brooklyn Chamber of Commerce highlighted critical issues facing small businesses, particularly focusing on the impacts of tariffs and inflation. Experts discussed concerning trends: inflation has surged past public safety as the top challenge for local enterprises. While the overall economy appears stable, the labor market remains resilient, with job growth reported at 150,000 monthly. Notably, the recent increase in tariffs is alarming, raising tariffs from 2.4% to approximately 25%, which adds pressure on small businesses looking to thrive amidst such economic shifts.
At the end of 2024, the weighted average tariff rate from the U.S. to the rest of the world was 2.4%. Following the announcements made on April 2, that number increased close to 25%.
According to the BCC's Annual Business Impact Survey, inflation has surpassed public safety as the leading challenge for local businesses in 2024 and continues to be a significant concern in 2025.
The labor market has been quite strong, with payroll employment growth averaging about 150,000 new jobs a month over the past few months.
Population growth in the city is always driven by immigration from abroad, which comprises roughly 44% of New York City's labor force on a national level.
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