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

A view of the Rockaway Bridge from the pier.

An Economic and Demographic Snapshot of The Rockaways

The Peninsula Shows Signs of Recovery After Pandemic Setback

Communities in the Rockaways were some of the hardest hit by the pandemic. Despite the challenges, local economic indicators have slowly improved as the pandemic has worn on, with the number of Rockaways businesses growing in 2020 and 2021. Since the City’s reopening following the height of the pandemic, local stakeholders in the Rockaways have made concerted efforts to promote economic recovery and improved environmental conditions, with a focus on mitigating the impact of extreme climate events.

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A neck pain patient with their doctor

MetroPlus Health Plan: COVID-19 Enrollment Trends

Economic and Policy Insights

MetroPlus Health Plan, a subsidiary of NYC Health + Hospitals (H+H), offers low cost to no cost health insurance coverage to eligible New Yorkers. In June 2022, enrollment reached a record high, which can be attributed to conditions and policy changes spurred by the COVID-19 pandemic. Changes in MetroPlus enrollment have a direct impact on H+H's financial stability. As more of its members choose H+H as a provider, the hospital system generates more revenue.

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High rise buildings in New York City

Review of the Financial Plan of the City of New York

NYC Should Continue to Prepare for Shifting Fiscal Landscape

New York City’s fiscal position has significantly improved since June 2021. However, this was mostly due to unanticipated resources generated from a combination of factors that is not likely to occur at the same level again, and some factors have already begun to reverse. Total revenues are expected to decline by 9.4 percent in FY 2023 due to lower tax revenues and federal aid for COVID-19 relief. In total, OSC calculated risks to the City’s budget that could exceed $2 billion annually by FY 2024. The risk assessment grows to $5.9 billion in FY 2026, which could raise the budget gap in that year to nearly $9.9 billion.

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An MTA subway platform.

Existential Questions Facing National Public Transit Systems Create New Fiscal Pressures for MTA

ECONOMIC AND POLICY INSIGHTS

The pandemic caused a dramatic drop in riders and ridership revenue for transit systems across the country, and the MTA was hit particularly hard. The MTA must continue taking creative measures to boost ridership, but stakeholders may have to come to terms with enhancing or identifying new sources of revenue, cost savings and efficiencies if the agency is to achieve a balanced budget once federal aid runs out.

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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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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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Shoppers in grand central market in New York City

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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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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