New York City Economic and Fiscal Monitoring

nyc skyline

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

Taxi cabs lined up at JFK airport in NYC

The Transportation and Warehousing Sector in New York City

Employment Boosted by Boom in Storing and Moving Consumer Goods

New York City’s transportation and warehousing sector regained 82% of its pandemic job losses as of April 2022. The sector’s relatively strong job gains over the past two years were fueled by increased demand for moving goods rather than people during the pandemic. An explosion in e⁠-⁠commerce led the growth in the courier and messenger, and warehousing and storage subsectors, which now well exceed pre-pandemic employment levels.

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nyc skyline

Review of the Financial Plan of the City of New York

New York City’s revenues continues to outpace expectations

New York City’s FY 2023 Budget and April Financial Plan shows the city has benefited from stronger-than-anticipated tax collections, outsized federal grant revenue from relief programs, savings in pension contributions from extraordinary asset gains in FY 2021, and announced additional savings programs, including significant vacancy reductions. However, better-than-projected fiscal performance may be short-lived amid inflation, geopolitical tension and supply chain issues.

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A construction worker

New York City’s Uneven Recovery: An Analysis of Labor Force Trends

Employment Recovery Lags Behind State and Nation

New York City lags the rest of the State and the nation in restoring pandemic job losses and in rebounding to pre-pandemic levels of unemployment. The recovery has also been uneven, with high-wage economic sectors generally faring better than low-wage sectors. This report aims to understand the main differences in labor force participation among the City’s workers and the reasons for the City’s slow recovery when compared to rest of the State and the nation.

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The Brooklyn bridge

Recent Trends and Impact of COVID-19 in Brooklyn

BOROUGH IS LEADING NYC's ECONOMIC RECOVERY

From 2010 to 2020, Brooklyn experienced substantial economic growth, with employment and business growth rates outpacing the rest of New York City. However, the pandemic halted its economic progress and exacerbated existing inequalities in the borough. Brooklyn’s economy is showing signs of recovering to pre-pandemic levels, but City and State officials will need to collaborate with community leaders to ensure an equitable recovery.

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Girls waiting on a subway platform

Annual Update: Metropolitan Transportation Authority’s Debt Profile

Debt Adding to MTA's Financial Pressures With Riders and Fare Revenue Slow to Return

Despite unprecedented federal aid, the MTA is still faced with determining how it will close its budget gaps in the future. If riders do not return faster than the MTA projects, or if new sources of revenue are not found, rising debt payments could force the MTA to close future budget gaps through service cuts, greater than planned fare hikes, or delays to critical capital projects.

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Inflation in the New York City Metropolitan Area

ECONOMIC AND POLICY INSIGHTS

Accelerating consumer price increases beginning in the spring of 2021 have led to the highest inflation rate in 30 years in the New York City Metropolitan Area. Consumer spending habits have already shifted, and persistent inflation on essential household items, such as housing and food, will limit purchasing power and squeeze household budgets absent stronger wage growth.

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A municipal worker in a trucker holding a walkie-talkie.

Impact of the Pandemic on New York City’s Municipal Workforce

SERVICE DELIVERY CRITICAL TO ENSURE CITY’S CONTINUED RECOVERY

The City experienced significant growth in its full-time workforce in the years prior to the COVID-19 pandemic, much of which was driven by new or expanded services. The pandemic, and the City’s efforts to manage the budgetary implications of its impact, have led to a decline in staffing which has undone much of this growth.

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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

DROP IN FUNDING COULD IMPACT SERVICES FOR RESIDENTS

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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mta

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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