Reports

The average bonus paid to employees in New York City’s securities industry grew by 10 percent in 2020 to $184,000, in line with the city’s most recent 9.9 percent projection, likely allowing the city to meet or exceed its income tax revenue projections in FY2021.

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.

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.

The COVID-19 pandemic ended a period of economic expansion in New York City during which new records for population, tourism, employment, and property values were achieved. As a result, City revenues grew rapidly from FY 2010 to FY 2019, enabling City spending to grow by 55 percent, nearly four times the rate of inflation, and provide a budget cushion of more than 10 percent of City-funded revenues at the start of FY 2020.

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.

The economic, social and budgetary fallout from the COVID-19 pandemic in New York City has been unprecedented, while the loss of life has been unimaginable. As we enter 2021, the pandemic remains a threat to our health and economy as we face rising case and hospitalization figures as well as renewed restrictions to manage the public health risks.

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.

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.

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

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

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.

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.

The economic, social and budgetary fallout from the COVID-19 pandemic on New York City has been unprecedented, while the loss of life has been unimaginable. Restrictions put in place to slow the spread of the disease triggered a national recession. In New York City, job losses in March and April were the largest since the Great Depression.

New York City has been the epicenter of the novel coronavirus pandemic in the United States. The economic, social and budgetary impacts have been unprecedented, while the loss of life has been unimaginable.

Inadequate capital funding and poor management practices have contributed to a marked deterioration in the mass transit system operated by the Metropolitan Transportation Authority (MTA). In addition, the MTA’s operating budget faces significant challenges.

The average bonus paid to employees in New York City’s securities industry increased by 3 percent in 2019 to $164,100, but it is likely to fall sharply in 2020 as the coronavirus crisis strains industry profitability.

New York City is benefiting from the longest and largest job expansion since the end of World War II.

On January 16, 2020, the City of New York released a four-year financial plan for fiscal years 2020 through 2024 (the “January Plan”). The January Plan reflects the strength in the local economy, which has helped fuel personal and business tax collections; new agency needs; and an expansion in the citywide savings program.

On November 22, 2019, the City of New York released a revised four-year financial plan for fiscal years 2020 through 2023 (the “November Plan”). The November Plan reflects an upward revision in the City’s revenue forecast for FY 2020, increased agency spending and a citywide savings program to narrow the FY 2021 budget gap.

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.