Contact: Colleen Roche (212) 788-2958 or Deirdra L. Picou (212) 788-2971
"I am very proud that Inc. Magazine has named New York City as the "Best Place To Do Business," said Mayor Giuliani. "I want to thank them for recognizing what all New Yorkers already know -- that New York City is back and once again a national leader in areas from crime reduction to welfare reform to business growth. Whether it's Fifth Avenue, Flushing Avenue, Times Square or Wall Street, business is booming. And that's a very different story than just a few years ago when New York City lost 400,000 jobs during the previous administration."
"Inc. believes that New York is poised to become an even larger player in emerging industries," said J. Riley McDonough. "New York is like a great manager: it knows how to get the best from its people. And that 's why Inc. has selected New York as a great place to do business. We salute Mayor Giuliani for creating the economic climate necessary to encourage entrepreneurial growth."
In a special feature titled "Still the Best Place to Do Business," Inc. reports that urban, compact areas promote interaction among companies, suppliers, and customers, enhancing the flow of information and the exchange of ideas. For everyone from graphic designers to international trade firms, speed and convenience are what make metropolises like New York the best place to operate. The magazine cited the CEO of a $60 million market research firm who said: "I can get 24-hour service for anything. Need a consultant or a technician, you can get one at a minute's notice."
The Mayor stated, "In fact, we have seen massive capital investment from companies like Capital Cities/ABC, Viacom, Pratt Industries, and Dow Jones/ITT. And, we have signed 18 major retention agreements, keeping nearly 48,000 jobs here with the expectation of adding over 15,000 more. And, even more exciting is the fact that over 98,000 new jobs have been created in New York City since 1993."
"But, our initiatives to increase the number of successful businesses in New York City aren't just limited to superstores like Disney Retail, HMV Music and the Virgin Megastore. We know how vital small and medium-sized businesses are to the health of New York City's economy. That's why we eliminated the commercial rent tax throughout most of the City and we reduced the hotel occupancy tax in 1994. We know that small businesses account for 48 percent of the City's private sector employment and that 70-75 percent of the City's total job growth also comes from our small to mid-sized business community," Mayor Giuliani concluded.
Inc. Magazine, one of the nation's leading authorities on fast-growing entrepreneurial companies, was founded in 1979 to help owners of small-to-midsize companies. It serves as a primary resource for management advice, ideas and self-help strategies. It is published 18 times per year, including the annual Inc. 500 issue, which lists the 500 fastest growing privately held companies in America. Collectively the Inc. 500 employ nearly 60,000 people and generate almost $11.5 billion in revenues. Inc. 500 graduates include: Microsoft, Timberland, Charles Schwab, Dominos Pizza, Boston Beer Company, Patagonia and Sharper Image.