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].
Subway Recovery Tracker
Impact of the COVID-19 Pandemic on Subway Ridership in New York City
The COVID-19 pandemic had a profound and disparate impact on subway ridership in New York City. Initially, the emergence of the virus in March and April 2020 corresponded with a steep and uniform drop in subway usage across all five boroughs. Citywide, April 2020 ridership was just 8.3 percent of what it was in April 2019, and through the summer of 2024 ridership has yet to regularly surpass 70 percent of pre-pandemic levels.
View Dashboard
Financial Outlook for the Metropolitan Transportation Authority
As Funding Uncertainties Linger, Budget Holes Are Opening Up
After a brief period of financial stability secured by an infusion of State funds last year, the Metropolitan Transportation Authority (MTA) now faces growing fiscal uncertainties and risks that create projected budget gaps. Those gaps could grow much wider if various budget risks that the MTA has identified come to pass. A faster-than-expected return of ridership remains one of the key means for improving the fiscal stability of the system and highlighting the importance of continued investment in the assets of the system.
Read Report
The Cost of Living in New York City: Transportation
TRANSPORTATION COSTS ROSE 56% OVER PAST DECADE
Transportation costs for households in the New York City metropolitan area grew by about 56% between 2012-13 and 2022-23, less than in the Los Angeles, Miami and San Francisco metropolitan areas. Transportation made up the second largest cost for New Yorkers, behind housing. It remains critical to maintain MTA service at affordable levels, so that transportation costs remain relatively affordable and offset housing costs, especially for lower- and middle-income households.
Read Report
The Securities Industry in New York City
2024 First Half Profits Were 79.3% Higher Than Last Year
Wall Street’s $23.2 billion in pretax profits for the first half of 2024 were a dramatic 79.3% increase over the same period last year and buoyed by securities trading, underwriting, and account supervision. The City's securities industry has the greatest number of jobs in the nation despite a decline this year. The industry also continues to contribute tax revenues at or above pre-pandemic levels, and its contribution should exceed tax forecasts if stronger-than-expected profits hold up.
Read Report
An Economic Snapshot of Coney Island and Brighton Beach
Jobs Doubled Over Last Decade
Brooklyn’s Coney Island and Brighton Beach have earned global reputations as destinations, but the dramatic rise in jobs over the past decade is less well known. Despite the pandemic, there were 35,203 jobs in Coney Island and Brighton Beach in 2023, a 101% increase from a decade earlier. The area is home to one of the largest populations of individuals 65 and over among neighborhoods citywide, and recent economic growth has been tied to serving this population.
Read Report
MTA 2025-2029 Capital Program Scenarios
Faces Many Unanswered Questions
The MTA must find billions in new funds even as the State tries to resolve the $15 billion gap in revenue created by the pause on congestion pricing. This report lays out possible sources to fund the MTA’s substantial capital needs and emphasizes areas of capital work expected to receive funding in its next capital program.
Read Report
Office Real Estate in New York City
A REVIEW OF MARKET VALUATIONS SHIFTS
Office buildings in New York City remain a critical contributor to its economy and tax base, as market values reached nearly $205 billion in fiscal year 2025, surpassing pre-pandemic levels. Higher market values on office buildings are being fueled by growth outside of traditional Midtown office districts, including Hudson Yards, Chelsea, Union Square, Soho, Downtown Brooklyn and Long Island City.
Read Report
Agency Services Monitoring Tool
MONTHLY UPDATES TRACK PERFORMANCE, STAFFING AND SPENDING
The Office of the New York State Comptroller developed a tool that displays performance indicators, staffing levels and spending commitments assigned to a City service since January 2020. While there are many factors that affect service demand and provision, the tool can provide some insight on existing operational or budgetary phenomena or the emergence of potential risks to the City’s budget and the provision of certain services.
View Dashboard
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.
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.
View Online Tool