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2023 Financial Condition Report

For Fiscal Year Ended March 31, 2023

Economic and Demographic Trends

2023 Financial Condition Report
For Fiscal Year Ended March 31, 2023

Employment Still Below Pre- Pandemic Levels in 2022

  • In calendar year 2022, the State gained over 443,000 jobs, an increase of 5 percent compared to growth nationally of 7.3 percent.
  • Employment in the State was still 3 percent lower than that in 2019.
  • The State’s unemployment rate fell from 7 percent in 2021 to 4.3 percent in 2022.
  • The leisure and hospitality sector realized the largest job gains in 2022, 19.2 percent, but was still 10.4 percent below that in 2019.
  • Employment in four industry sectors exceeded 2019 levels: information, professional and technical services, transportation and warehousing, and finance and insurance.
  • The government sector lost jobs, down 1.7 percent from 2021.
  • Job gains in all 10 State regions continued in 2022. New York City had the highest percentage of job gains of any region (6.6 percent) while the North Country had the lowest (1.2 percent). 
  • None of the 10 regions had returned to their 2019 employment levels.
Bar chart of 2022 Employment Growth by Industry Sector
Bar chart of 2022 Employment Growth by Region

New York Ranked 45th Nationwide for Personal Income Growth in 2022

  • Personal income in 2022 grew by 0.8 percent due, in part, to the expiration of economic impact payments (“stimulus checks”) and enhanced unemployment benefits in 2021.
  • Idaho ranked first with an increase of 6.2 percent.
  • With employment growth, total wages in the State increased by 8.1 percent in 2022. The leisure and hospitality industry realized the largest increase in wages (21.3 percent).
  • Average annual wages statewide increased by 1.7 percent. The hospitality sector had the largest growth (8.1 percent).
  • The information sector realized wage loss of 3.1 percent.
Bar chart of Wage and Personal Income Growth in New York

NYS GDP Nearly $1.6 Trillion in 2022

A state’s Gross Domestic Product (GDP) is the value of production originating from all industries in the state, as defined by the U.S. Bureau of Economic Analysis.

  • New York State’s real GDP increased by 3.2 percent, compared to 2.1 percent nationally.
  • State GDP was 7.8 percent of the U.S. total in 2022, ranking third nationwide.
  • New York ranked eighth for economic growth in 2022. Idaho ranked highest (4.9 percent), while Alaska ranked the lowest (-2.4 percent).
  • The financial activities sector comprised the largest share of the State’s GDP in 2022 at 29.2 percent, down from 30.4 percent in 2021. The second and third top industries— professional and business services and information—together make up 27.2 percent.
Bar chart of New York Real GDP Growth
Pie chart of Composition of New York GDP, 2022

New York’s Population Continued to Decline in 2022

  • According to U.S. Census estimates, the State’s population decreased by 0.9 percent from 2021, whereas the national population increased by 0.4 percent.