Nearly 600 Israeli companies have created 27,000 jobs in NYC, survey finds

NEW YORK — Nearly 600 Israeli-founded companies have created more than 27,000 jobs in New York City, generating billions of dollars for the city’s economy, according to an economic report released on Monday.

The report was compiled by the United States-Israel Business Alliance, which works to foster business ties between the US and Israel. It pointed to both the value of the New York City market for Israeli businesses along with their impact on the city’s economy.

The survey came out a week before the city’s mayoral election. The frontrunner, Zohran Mamdani, supports the Israel boycott movement.

There are 590 companies founded by Israelis in New York City that have directly created 27,471 jobs, with an average income of $160,126, including benefits and bonuses, said the report, which was based on 2024 data.

The companies generated $8.1 billion in total earnings, adding an estimated $12.4 billion in value to the city’s economy and $17.9 billion in total gross economic output.

There are 20 Israeli-founded “unicorns,” or companies worth more than $1 billion, based in the city, the report said.

The report estimated that the companies supported more than 50,000 jobs indirectly, for example, by buying and shipping local products.

The business alliance first released a report on Israeli companies in New York City in 2019. Since then, 142 Israeli-founded companies have set up shop in the city, creating 3,674 jobs.

Fifteen Israeli unicorns joined the city’s economy in the past six years.

The report defined an Israeli-founded company as a firm that has at least one founder who grew up in Israel.

“The data affirms that Israeli founders continue to be indispensable to New York,” Aaron Kaplowitz, the president of the business alliance, said in a statement. “In addition to creating local jobs and bringing much-needed revenue to local communities, Israelis are integral to propelling the state’s innovation economy forward.”

“When Israeli tech entrepreneurs think about entering the U.S. market or positioning their companies for global growth, New York City is at the top of the list,” Kaplowitz said.

The United States-Israel Business Alliance conducted 18 months of research to compile the report. The group commissioned ABLE Operations, an independent analytics firm, to model the companies’ economic impact.

For the entire state of New York, 648 Israeli-founded companies created more than 28,000 jobs in 2024, the report said.

The New York City mayoral election will take place on November 4, with Mamdani heavily favored to beat out former New York governor Andrew Cuomo, a pro-Israel centrist.

Mamdani is a New York State assemblyman who got into politics through extensive pro-Palestinian activism, which included support for the Boycott, Divestment and Sanctions (BDS) movement targeting Israel.

The current mayor, Eric Adams, is a proponent of Israel who earlier this year set up a business council to boost economic collaboration between New York City and Israel.