Reports

The average bonus paid to employees in New York City’s securities industry for 2024 reached $244,700, up 31.5% from last year. The bonus pool for the city’s securities employees reached a record $47.5 billion, its first major increase since the COVID-19 pandemic highs. Wall Street’s profits rose 90% in 2024.

New York City’s efforts to address its housing shortage have led to a growth in supply that outpaced that of the State, but a drop in permits suggests slower growth may be on the horizon. The City gained 307,000 housing units from 2010 through 2023, an increase of 9%, bringing the total to over 3.7 million. Brooklyn gained the most over that time, with 11.4% growth to reach 1.1 million units or 30% of housing citywide.

The New York portion of the New York City Metropolitan Area accounted for more than $103 billion, or 69% of the value of goods imported to New York State in 2023, and Europe provided the largest share of goods to the area. This report aims to help New Yorkers understand the potential effects of federal trade policy choices on their businesses and households.

New York City increased its expectations for its surplus in fiscal year (FY) 2025 to $2.34 billion, largely as a result of stronger tax revenue projections and a reduction in the cost of providing services to asylum seekers, which will help balance its $116.9 billion FY 2026 budget. With escalating uncertainty in the federal funding environment — which could lead the State to make choices to balance its budget that pressure local government finances — preparation and transparency remain paramount to navigate the future.

New York City’s 65 and older population grew by nearly half a million seniors in the last two decades, an increase of 53%. Much of the growth was led by Asian, Hispanic and Black seniors calling the City home, along with more seniors born outside the U.S. The City needs to continue to monitor the trends of the aging population to ensure services remain commensurate with need and outreach is robust.

New York City’s finances have stabilized amid declining costs for asylum seekers and strong revenue, largely from growth in business and property tax collections. The City must balance fiscal management with its operational needs to ensure it can continue to encourage employment and business growth, enhancing its economic and tax revenue base.

One in four New York City households had no cable, FTTP or DSL internet subscription as of 2023, with The Bronx having the highest share of households without access. More than availability, the challenge for residents to access the internet in the City appears to be driven by a lack of affordable options for some.

New York City’s government workforce reached more than 300,000 employees in June of 2024, the first year-over-year increase since the COVID-19 pandemic. Still, some City agencies remain understaffed, resulting in critical services being impacted. The operational complexity in delivering these services highlights the critical need for stakeholders (management and the public) to have access to relevant data to evaluate the performance of a given agency or program.

New York City Health + Hospitals (H+H) spent $168 million more than projected on temporary staff, despite hiring over 1,660 new nurses in city fiscal year 2024. Nurse employment trends have improved since the end of the public health emergency, especially in New York City and particularly at H+H. In order to manage staffing pressures and service demand, H+H must continue to balance hiring of new staff to execute on its strategic and financial plan.

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.

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.

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.

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.

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.

New York City’s finances continue to benefit from better-than-projected revenues and savings generated through initiatives launched in response to its financial challenges, but the continued influx of asylum seekers, elevated demand for City programs and a declining surplus demand preparation to navigate future uncertainty.

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.

New York City’s contract spending (excluding capital projects) has grown significantly in recent years, rising to $24.3 billion in fiscal year (FY) 2023, an increase of nearly $7 billion from FY 2019, representing an outsized share (41%) of total citywide operating spending growth in this period. Total contract spending for goods and services represented nearly 22% of operating spending in FY 2023, compared to 16% in FY 2010.

As the largest commuter railroad in the nation, the Long Island Rail Road (LIRR) is making a steady recovery from the pandemic with growing ridership, increased service routes into the Grand Central Madison terminal and on-time performance in 2023 that was better than in 2019. Still, the LIRR had 31% more delays from train car problems last year than in 2019, showing there are still areas that can improve, such as increasing preventative maintenance of older train cars.

Small businesses with fewer than five employees grew over 10% in New York City during the COVID-19 pandemic. Very small businesses were a key source of new economic activity during the first half of the pandemic in the city, as they accounted for more than 71% of all businesses citywide. This report details the growth in New York City’s small businesses, the industries that were most affected, and the areas, Brooklyn and the Bronx, that saw the highest increases.

With the loss of $15 billion in congestion pricing revenue, the MTA has to reprioritize its 2020-2024 Capital Program. This report identifies over $21 billion in projects that potentially relied on congestion pricing revenue and are under review and suggests the Authority prioritize keeping the system in a state of good repair.