New York is the first state to regain all the jobs it lost in the recession, according to TD Economics, an affiliate of TD Bank.
TD Bank has 14 branches in Westchester County and another 25 in the Hudson Valley south of Columbia and Greene counties. Its economic arm released its Small Business Recovery Report June 11. The economists offered no metrics of types of jobs lost vs. jobs regained, but stated small- and medium-sized businesses get the credit for the recovery.
Two sectors in particular, TD Economics reported, are doing well and are dominated by smaller companies: the accommodations and food sector; and the professional, scientific and technical services sector. The economists label hiring in those sectors “brisk.”
The economists also credit a diversified employment picture ”“ the opposite of the one-company town ”“ as “a key component that benefits regional economic performance.”
TD Economics echoed the findings from some 31,000 telephone calls and another 5,000 personal visits small businesses by TD Bank small business relationship managers when gauging banking needs. This is the third designated “business blitz” conducted by Portland, Maine-based TD”™s economic arm.
Small-business customers were told the bank credit is their lifeblood and the credit must remain accessible if the small businesses they patronize are to succeed.
