News about New York

According to The Kobeissi Letter, citing US Bureau of Labor Statistics data, the number of eating and drinking establishments in New York State fell in the first quarter of 2026 by more than the worst quarterly drop during the 2020 Covid-19 pandemic. It has declined year-on-year for four consecutive quarters, the longest such streak since 2021. The Manhattan Chamber of Commerce cited sharp cost increases last year: employee health insurance rose 12.9%, business insurance premiums rose 7%, and utilities rose 8.5%. Higher wages, minimum-wage requirements and borrowing costs further squeeze cash flow, especially for independent and smaller restaurants. Separately, the New York–Northern New Jersey–Long Island area had an estimated 491 restaurant closures in the first half of 2026, the most nationally, including 117 in New York City, though closure counts and net establishment counts measure different things.