NY Fed Study: 46% of US Small Businesses Now Use AI
AI adopters show a 33-point net expectation of higher employment, versus 15 points for non-adopters, the New York Fed found.
Nearly half of US small and medium-sized businesses already use artificial intelligence, according to a new study by the Federal Reserve Bank of New York. The figure stands at 46% of surveyed SMBs.
The study found a gap in hiring expectations between businesses that have adopted AI and those that have not. AI adopters recorded a 33 percentage point net expectation of higher employment over the next year, compared with 15 percentage points for non-adopters.
Integration remains partial, however. Only 51% of AI adopters said they have folded the technology into their business processes either partially or fully.
Costs and sales
Most businesses reported no immediate financial impact from AI. Some 77% of those surveyed said their current labor costs were unchanged by the technology.
Fewer than one in three, or 31%, reported increased sales as a result of using AI, according to the study.
Quick answers
How many US small businesses use AI?
The New York Fed study found that 46% of surveyed US SMBs already use AI.
Did AI change labor costs for businesses?
No. 77% of surveyed businesses reported no change in current labor costs due to AI.
Did AI boost sales?
Fewer than one in three businesses (31%) reported increased sales due to using AI.