When the COVID-19 pandemic began, many businesses in retail trade, restaurant, and arts, entertainment and recreation closed. This report examines the damage the pandemic has inflicted on those sectors, and considers the distribution of federal funds for businesses in the City, particularly for businesses in low- and moderate-income communities and in historically underutilized business zones.
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January 2022 —
December 2021 —
Flushing, and the surrounding neighborhoods that make up the greater Flushing area, enjoyed outsized employment and business growth from 2000 until Queens became the epicenter of the COVID-19 pandemic. Local challenges that existed before the pandemic, such as affordable housing and broadband access, have made recovery more difficult, but key positive indicators such as job recovery are reasons for optimism.
October 2021 —
The COVID-19 pandemic wiped out years of growth in New York City’s office sector. Stay-at-home orders forced many office workers to shift to remote work, as businesses reliant on in-person interactions with customers were forced to reduce capacity or remain closed for extended periods. As a result, in City Fiscal Year 2022, the full market value of office buildings fell $28.6 billion, the first decline in more than 20 years, and property taxes declined more than $850 million. Timing its recovery is an open question, however, as employers continue to offer work-from-home options.
June 2021 —
Population in the Bronx grew by 10.4 percent from 2000 to 2017 (faster than any other borough), driven primarily by the growth in the immigrant population, but it declined in the next two years to 1.42 million residents.
June 2021 —
The COVID-19 pandemic brought a halt to the growth of the construction industry nationwide which, prior to the pandemic, had been growing strongly. This was especially true in New York State and New York City.
April 2021 —
In 2020, the 10-year period of record growth in tourism came to an end, and the number of visitors to New York City fell by 67 percent to 22.3 million (from 66.6 million in 2019). OSC estimates the industry’s economic impact dropped by 75 percent from $80.3 billion in 2019 to $20.2 billion in 2020.
March 2021 —
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.
February 2021 —
As of December 2020, arts, entertainment and recreation employment declined by 66 percent from one year earlier, the largest decline among the City’s economic sectors.
February 2021 —
Although New York City was an early epicenter for COVID-19, only 45.6 percent of firms in the City received Paycheck Protection Program (PPP) loans, below the national average of 50.9 percent.
December 2020 —
The COVID-19 pandemic has affected the retail trade sector unevenly, with online retailers and some essential businesses experiencing growth and other large retail segments seeing falling revenues. The impact has been most obvious in Manhattan, where foot traffic in key corridors initially fell by more than 90 percent and remains below 50 percent of its 2019 levels as tourists, commuters, office workers and residents have responded to pandemic-related shutdowns and public health concerns.
October 2020 —
The restaurant industry is essential to New York City’s social and economic fabric. From small, family-owned restaurants and food carts to four-star world-famous establishments, the City abounds with restaurants that offer cuisines from every corner of the globe.
September 2020 —
In March and April 2020, Congress passed four stimulus bills to address the COVID-19 pandemic’s impact on the public health system and the economy. As Congress debates additional relief measures, it is worth reviewing the targeting of the initial funding in order to inform new policy to counter the virus and its economic effects.
February 2020 —
New York City is benefiting from the longest and largest job expansion since the end of World War II.
October 2019 —
According to data from the U.S. Census Bureau, only 41 percent of working-age people with disabilities in New York City were in the labor force in 2017.
October 2019 —
May 2019 —
The construction industry lost more than one quarter of its jobs across the nation during the past recession. Although the contraction was less severe in New York State, the industry still lost 15 percent of its jobs between 2008 and 2010.
April 2019 —
New York City is experiencing its largest and longest job expansion since the end of World War II.
September 2018 —
Staten Island is one of the five boroughs that make up New York City. It is the least populous and most suburban, with one-third of its acreage dedicated to parks and recreation, and is often called the City’s “Greenest Borough.”
July 2018 —
The Bronx is the northernmost of New York City’s five boroughs and home to nearly one-fifth of the City’s population. Since 2010, it has been the fastest-growing county in New York State, driven by immigration.
June 2018 —
Brooklyn is the most populous of the five boroughs that make up New York City. It has a large foreign-born population, which has contributed to its success, and is one of the most diverse counties in the nation.