Business in New York is Still Horrible

New York is often characterised as the land of opportunity. The reality is that whilst the

historical stereotype speaks of a rosy future, New York right now is a horrible place to do

business. Part of it is due to New York itself, but a lot of it is down to the terrible state the

US economy is in the right now.

We’re going to go into why New York business is horrible and what UK-based businesses

should do about it.

Would We Recommend Expanding Your Business to the US?

Right now the conditions simply aren’t in place for you to do well in the US. Business in the

US is not in a good place and you can’t expect to have the best chance of success if you go in

right now. Bide your time and approach a company like for

funding at a later date.

New York in Numbers

New orders. Shipment figures. Employment.

Those are the numbers that have fallen below expectations in the state of New York. And

those are the crucial numbers when it comes to manufacturing. Even if you’re not in

manufacturing, a decline has an impact on everyone in every industry.

The numbers aren’t expected to turn around, and future forecasts have been revised

appropriately. In short, New York is currently in the grips of a mini recession.

The Strong Dollar

The dollar is on the up right now. It’s good news and bad news for companies in the UK. If

you want to expand to New York, this is not good news because companies are more likely

to turn their gazes abroad, rather than inwards.

On the other hand, if you want to remain in the UK you’re in a more powerful position. A

strong dollar essentially means US businesses get more for their money when they start to

import from abroad.

The Buying and Selling

From a buying and selling standpoint, little has changed in New York. There’s no denying

that the state isn’t one of the primary hubs of manufacturing in the US. But manufacturing

impacts everything, including buying and selling.

If the cost of buying raw materials increases, the cost of making products increases so it

costs more to buy said products. Buyers then decide to look abroad for cheaper alternatives,

thus depressing the economy.

Buying and selling is fine, but because of the manufacturing side of things going to New York

right now is not a smart decision.

What about the Future?

The future for business in New York is, sadly, as bleak as it was before. There is growth

predicted over the next 12 to 18 months, but this is not significant growth. The situation is

expected to change little from how it is now.

Whilst you can still make a living in New York, UK businesses should think twice. It’s much

better to stay at home and simply market to buyers in New York. The strengthening US

dollar will only convince them to buy British.

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