Reports

Local government sales tax collections declined by 7.1 percent, or $102 million, in November compared to the same month in 2019. The decline is steeper than in October, but not as bad as the double-digit declines in the earlier months (April-June) of the pandemic. All but five counties saw declines in overall collections in November, and New York City had a 6.5 percent, or $45 million, decline.

Regional Table [.xlsx]

In the second quarter of 2020, total wages paid in New York State declined by $12.5 billion or 7.4 percent in comparison to the second quarter of 2019, according to new data from the U.S. Bureau of Labor Statistics (BLS).

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.

After losing more than 1.9 million jobs in March and April, New York State saw steady gains, averaging over 174,000 jobs in each of the following five months. 

In Federal Fiscal Year 2019, New York State generated $23.7 billion more in federal taxes than it received in federal spending. In total dollars, New York’s deficit was the highest among the 50 states. For every tax dollar paid to Washington, our State received 91 cents in return—well below the national average of $1.24.

Excel file with supporting data | Data Visualization

Local government sales tax revenue declined by 5.2 percent, or $74.4 million, in October compared to the same month in 2019.

Regional Table [.xlsx]

Total employment in New York State fell in March, and again—much more sharply—in April, with a combined loss of more than 1.9 million jobs.

The Office of the State Comptroller estimates that the State’s tax revenues will decline by 5.6 percent or $4.7 billion in SFY 2020-21 compared to the previous year. Such revenues are projected to grow by 1.6 percent in SFY 2021-22, and to increase by 4.3 percent in SFY 2022- 23

Many New Yorkers enjoy buying Lottery tickets and taking a chance on a big prize. Some play the slot machines and other games in the State’s eight Video Lottery Terminal (VLT) facilities, four commercial casinos and seven Native American casinos. Sports wagering and interactive fantasy sports are now part of the gambling picture, and traditional betting on horses continues at racetracks and off-track betting locations.

The impact of the COVID-19 pandemic on school district operations has been substantial, driving unprecedented changes to many core functions and processes, including the annual school budget vote. For district-level information: http://wwe1.osc.state.ny.us/localgov/research-budget-votes/budget-votes.cfm

The COVID-19 pandemic has created a fiscal emergency for the City of New York, creating significant revenue shortfalls and increased costs associated with managing the public health crisis.

New York State’s unemployment rate dropped to 9.7 percent in September, marking the first time the rate has been below 10 percent since the beginning of the COVID-19 pandemic.

Statewide local sales tax collections in the third quarter of 2020 declined by 9.5 percent, or $452 million, over the same quarter in 2019. This decrease, while alarming in a typical year, was still a marked improvement from the 27.1 percent drop in the second quarter, which reflected the peak of the economic impact to date from the COVID-19 pandemic.

Regional Table [.xlsx]

The COVID-19 pandemic has significantly impacted the securities industry in New York City, affecting both operations and profitability.

While all states have lost employment since the COVID-19 pandemic struck earlier this year, New York surpasses almost every other in both number and percentage of job losses. 

The Metropolitan Transportation Authority (MTA) is facing the greatest challenge in its history.

New York State imposes a "general sales tax" at a single rate on most goods and some services. Counties and cities can impose their own local sales tax in addition to the State rate. This report is an update to the Office of the State Comptroller’s March 2015 publication on local government sales taxes in New York State.

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.

The Comprehensive Annual Financial Report for the New York State and Local Retirement System (the System or NYSLRS) for the fiscal year ended March 31, 2020.

Six months into the COVID-19 recession, New Yorkers working in lower-paid sectors continue to suffer a disproportionate share of job losses statewide and especially in New York City.