What’s Business Like on the North Side of Murray Hill?
In the next post in our New York Business Insights series — in which we explore opportunities for buying and selling a business in a given neighborhood — we take a look at the 10017 zip code, which maps to the northern portion of Murray Hill.
The Business Environment in 10017 (North Murray Hill)
Based on US Census data, total number of business establishments in 10017 have been declining by about 0.22% over the past five years, putting the approximate total count of the number of establishments in 10017 at 4,979. Interestingly, though, the decline in establishment is NOT coupled with a drop in employee count; in fact, employee count in the zip code is actually growing by about 1.99% annually, to a total of about 148,113 employees. A drop in establishment count, coupled with an increase in total employees, suggests the potential for some kind of industry consolidation to have occurred, or alternatively, a shift in the composition of industries in the 10017 zip code. The decline in establishments and the rise in employees is met with a rise in average salary, as salaries have been rising by about 1.13% annually. Consistent increases in salary may help ensure workers in the area have the capital needed to support local businesses.
A Look at the Demographics of 10017
According to tax returns from the IRS approximately 12,150 were filed from the 10017 zipcode in the most recent year of publicly available data, giving it more filed tax returns than 85.09% of the New York City zip codes we’re observing. If population age is a factor for businesses you’re buying or selling, note that in 10017, the 65+ age group makes up about 24.28% of the tax return filers. On the flip side, we saw that 1.65% included a childcare credit, which may shed insight into the size of the presence of young families in the zip code. Here’s a chart summarizing the key demographic attributes of 10017:
Highlights From Tax Returns Filed in 10017
As for the demographic breakdown of 10017, here are some of the facts we found to be especially worth observing:
- The growth rate in salary, which we noted earlier, is higher in 10017 than it is in 95% of other zip codes in New York.
- Joint tax returns have been growing in 10017 as well, suggesting new household formation is occurring. Relative to other zip codes, the growth in jointly filed tax returns is higher than that of over 90% of New York City’s zip codes.
Have additional questions on buying or selling a business in 10017? We’ll be happy to help you as best as we can. Just drop VNB Business Brokers a line.