New York City Economic and Fiscal Monitoring

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New York City Economic and Fiscal Monitoring

The Office of the State Deputy Comptroller for the City of New York monitors New York City's fiscal condition, assists the New York State Financial Control Board, and regularly reports on the City's financial plans, major budgetary and policy issues; economic and economic development trends, and budgetary and policy issues affecting public authorities in the region, including the Metropolitan Transportation Authority. For questions, contact us at [email protected].

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Featured Dashboards

A view of buildings in New York City

New York City Industry Sector Dashboards

Monthly updates track the City’s economic recovery

The COVID-19 pandemic hit New York City particularly hard, causing massive job losses at major employers such as restaurants, hotels and retail stores. These dashboards follow a series of reports released over the past two years tracking economic data and the effect of the pandemic on these critical sectors and will help identify areas of weakness as well as positive developments.

Arts, Entertainment and Recreation Sector

Construction Sector

Office Sector

Restaurant Sector

Retail Sector

Securities Sector

Tourism Sector

Transportation and Warehousing Sector

Girls waiting on a subway platform

The Metropolitan Transportation Authority: Safety, Reliability and Frequency

MTA Must Prioritize Safety and Service to Win Riders Back

The Metropolitan Transportation Authority (MTA) continues to make progress on bringing back riders, but  ridership remains well below pre-pandemic levels, putting a major strain on its budget. The report highlights key areas of transit service — safety, reliability and frequency — where the MTA can take steps to improve riders’ experience and encourage their return, to effectively fulfil its mission and stabilize its fiscal position.

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nyc skyline

Review of the Financial Plan of the City of New York

NYC's Fiscal Picture Improves Short Term, but Significant Risks Lie Ahead

New York City’s $104.8 billion preliminary fiscal year (FY) 2024 budget has benefitted from better-than-projected revenue collections, the reallocation of unused federal pandemic relief funds and savings initiatives. The Comptroller's office assumes that a number of the fiscal risks the City currently faces will continue, increasing the planned budget gap to about $8.9 billion in FY 2025 and $13.9 billion in FY 2027, even when adjusting for stronger revenue collections.

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A view of new york city skyscrapers

Pandemic Impacts on NYC Fiscal Year 2024 Budget Priorities

Questions Remain on Continued Funding for Pandemic-era Programs

Like many cities across the United States, New York City has adjusted its budget priorities during the COVID-19 pandemic to help address pressing needs. This report examines how the City’s spending priorities shifted during the pandemic, including increases to support education, public safety, quality of life improvements and social services, as well the risks and uncertainties that could impact these newly funded programs in the long term.

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A young employee working at a deli counter.

New York City’s Uneven Recovery: Youth Labor Force Struggling

Economic and Policy Insights

More than two years after the height of the COVID-19 pandemic in New York City, young people are still facing double-digit unemployment. There are currently over 70,000 unemployed young workers in the City, nearly two times as many as in 2019. Young men are struggling the most with nearly 24% remaining unemployed, significantly higher than in the rest of New York State and the nation.

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MTA bus picking up riders at a stop.

Fare Revenue Considerations for the Metropolitan Transportation Authority

Economic and Policy Insights

The Metropolitan Transportation Authority (MTA) has long faced difficulties closing projected budget gaps, which have been exacerbated by the pandemic, necessitating an unprecedented level of federal funding to maintain service operations. The MTA had been previously encouraged to examine cost and revenue efficiencies but those alone are unlikely to close the more than $2.5 billion annual gap that will remain when federal pandemic relief is exhausted in 2025, forcing the MTA to lay out savings and revenue options for its stakeholders to consider.

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Teenager girl talking and a woman and a disabled wheel-chaired man as they walk across the street together.

Update on New York City Staffing Trends

Decline in City Workforce Largest Since the Great Recession

Attrition outpaces hiring among New York City’s municipal workforce, which could have an impact on critical City services and programs. The City’s full-time workforce declined by 19,113 employees over the last two years, the largest decline in staffing since the Great Recession of 2008. Despite the City hiring over 40,000 new employees in the last fiscal year, City job vacancies stand at more than 21,000.

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Desks in an empty classroom.

A Comparative Assessment of New York City’s Federal Pandemic Education Aid

Big Five Schools' Use of Pandemic Aid Reflects Different Priorities

New York’s "Big Five" school districts in New York City, Yonkers, Buffalo, Syracuse and Rochester received $8.6 billion in federal pandemic relief funds, but there are sizeable differences in how school districts are using the funds. New York City has directed a smaller share of its total allocation toward addressing the academic impacts of the pandemic. The City, and all districts, can improve reporting linking educational outcomes for all of its students with their use of these historic federal education funds.

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Construction worker walking in a underground subway tunnel

10 Years After Superstorm Sandy: Tracking MTA Capital Spending

Progress made on nearly $8 billion in projects

Ten years ago, Superstorm Sandy made landfall in New York, causing catastrophic devastation to Long Island and New York City. One of the key organizations involved in the recovery and the planning of responses to future climate events is the MTA, whose assets were substantially impacted by the storm. This analysis tracks MTA’s progress on projects focused on rebuilding and strengthening elements affected by Superstorm Sandy and discusses what more can be done to better protect the system from new disasters.

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A street sign on Wall Street

The Securities Industry in New York City

Wall St. Profits Return to Pre-Pandemic Levels

Following near-record profitability in 2020, securities industry pretax profits rose even further in 2021. As federal stimulus actions have wound down, profits in 2022 are returning to pre-pandemic levels. New York State and City are reliant on tax revenues from the industry and must be cautious in managing their budgets given continued uncertainty in the financial markets. Though national sector employment has grown recently, the City’s share of national sector employment continued to decline slightly.

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Charts showing the drop in funding for New York City's agencies

Identifying Fiscal Cliffs in New York City’s Financial Plan


New York City’s published financial plan includes funding for some recurring spending initiatives for only a limited period, creating additional risks to already identified budget gaps. The Office of the State Comptroller has created a tool to identify sources and uses of funds for City programs that are not fully funded during the remaining years of the City’s financial plan.

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Subway Ridership Dashboard

impact of the covid-19 pandemic on subway ridership

Comptroller DiNapoli has launched an interactive online tool of subway ridership that details where straphangers are, and are not, returning to the subway system, alongside neighborhood and local demographics, employment and income. While many New Yorkers and businesses turned to telecommuting to protect themselves from the virus, others have not had that luxury. As a result, ridership as a percentage of pre-COVID levels has remained much higher in lower-income neighborhoods than in wealthy ones.

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