Reports

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.

Despite slower global economic growth and trade tensions, pretax profits for the securities industry grew by nearly 11 percent in the first half of 2019, reaching $15.1 billion, the best first half in a decade.

The greater Jackson Heights area in the northwestern portion of Queens (which includes East Elmhurst and North Corona) is one of the most diverse communities in New York City, with immigrants from around the world.

es: Spanish | zh: Chinese | hi: Hindu | bn: Bengali

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

The New York City subway system, which is used by more than 5 million riders each weekday, includes 472 stations. The system is operated by New York City Transit (NYCT), an affiliate of the Metropolitan Transportation Authority (MTA). Over the past 37 years, 287 stations have been renovated and countless others have had components repaired, at a cost of more than $6 billion.

New York City is currently experiencing the largest and longest job expansion in the post– World War II period. Since 2009, the City has added 820,400 jobs, bringing employment to a record level of 4.55 million in 2018 and reducing the annual unemployment rate to 4.1 percent, the lowest on record.

In January 2018, OSC initiated its series of audits to determine whether the MTA and constituent agencies have appropriate oversight and monitoring controls over homeless outreach services on MTA properties and whether they have met the goal of maintaining a safe, secure transit environment by assisting homeless individuals to appropriate shelters off MTA properties.

On April 25, the Mayor released his executive budget for fiscal year (FY) 2020 and the associated financial plan (the “April Plan”). The FY 2020 budget totals $92.5 billion, including $68.2 billion that will be funded with locally generated revenues (i.e., City funds).

The construction industry lost more than one quarter of its jobs across the nation during the past recession. Although the contraction was less severe in New York State, the industry still lost 15 percent of its jobs between 2008 and 2010.

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

Securities industry profits in 2018 were 11 percent higher than the previous year, but the average bonus paid to industry employees in New York City declined by almost 17 percent to $153,700.

New York City’s economy continues to set records, although external risks are growing. A total of 820,400 jobs were added between 2009 and 2018, the largest and longest job expansion in the post–World War II period. Employment set an annual record of 4.55 million in 2018, 721,800 higher than the prerecession level in 2008.

New York City’s economy is strong and continues to set new records. It added 715,000 jobs between 2009 and 2017, the largest and longest job expansion in the post–World War II period. Employment reached a new record of 4.4 million in 2017, 615,000 higher than the prerecession peak. Although job growth has slowed, the City is still on pace to add another 72,000 jobs in 2018. The unemployment rate fell to 4 percent in October 2018, the lowest monthly rate in 42 years.