Reports

Securities industry profits rose dramatically in 2017 for the second consecutive year and the average bonus paid to industry employees in New York City jumped 17 percent to reach $184,220.

The Rockaways is located in the southernmost section of Queens on the Rockaway Peninsula. Superstorm Sandy, which struck New York City on October 29, 2012, damaged thousands of area homes and businesses, and displaced thousands of families.

In 2017, the Long Island Rail Road (LIRR) had its worst on-time performance in 18 years. An estimated 9.2 million riders were inconvenienced by trains that were late, canceled at the terminal before departing, or terminated en route before reaching their destinations.

New York City’s economy is strong and continues to post solid job gains. It added 715,000 jobs between 2009 and 2017, making this the largest and longest job expansion in the post–World War II period. After adding 81,000 jobs in 2017, employment reached 4.4 million, 615,000 more than the prerecession peak. More jobs were added in the boroughs outside of Manhattan than in any other expansion.

New York City is undergoing its largest and longest job expansion since World War II. More than 700,000 jobs have been added during the past eight years (a gain of nearly 19 percent), pushing employment to uncharted levels.

Every day, New York City’s eight million residents face a mix of urban noise—street traffic, construction, emergency vehicles, buses, subways and air traffic are just a few examples—which, at best, poses an annoyance and, at worst, impacts quality of life.

On November 21, 2017, the City of New York released a modification to its four-year financial plan covering fiscal years 2018 through 2021 (“the November Plan”). The November Plan includes modest changes to the City’s revenue and expenditure forecasts for FY 2018 based on trends during the first four months of the fiscal year, a citywide savings program, and savings from better-than-expected pension fund investment earnings in FY 2017.

East Harlem, located in northeastern Manhattan, has one of the largest Puerto Rican communities in New York City.

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The Metropolitan Transportation Authority (MTA) is the largest mass transit agency in the nation, providing services to nearly one-third of the nation’s mass transit commuters.

Since the 2008 financial crisis, New York City’s economy has become more diversified and less dependent on the securities industry.

Bedford-Stuyvesant is one of the many neighborhoods in Brooklyn to experience a resurgence. In the past 15 years, the population has grown by one-quarter and now exceeds 150,000 people.

The technology sector in New York State has grown rapidly since the end of the Great Recession, adding more than 57,000 jobs.

On June 6, 2017, the City of New York adopted a budget for fiscal year 2018, the earliest the City has adopted a budget since 1992. The next day, the City submitted a modification to the FY 2017 financial plan and a new four-year financial plan covering fiscal years 2018 through 2021 (“the June Plan”) to the New York State Financial Control Board. The June Plan reflects the adopted budget for FY 2018 and other technical changes.

On April 26, 2017, the Mayor released his proposed budget for FY 2018 and the associated financial plan (“the April Plan”) covering fiscal years 2017 through 2021. The April Plan incorporates changes since the FY 2017 budget was adopted in June 2016.

The Long Island Rail Road (LIRR) is the largest commuter railroad in the nation. In 2016, the LIRR carried 89.3 million riders, the most since 1949.

Securities industry profitability rose sharply in 2016, increasing by 21 percent, while the average bonus paid to employees in New York City’s securities industry increased by 1 percent to $138,210.

On January 24, 2017, the City of New York released a modification to its financial plan (“the January Plan”) covering fiscal years 2017 through 2021. Since the budget was adopted in June 2016, the City has implemented a citywide savings program, freed up unneeded reserves, and recognized unplanned spending and continued weakness in nonproperty tax collections.

The terrorist attacks on September 11, 2001, resulted in the destruction of 13 million square feet of office space at the World Trade Center complex. Since 2001, 38 million square feet of space have been added in New York City, with more than half added in the past five years alone.

On November 17, 2016, the City of New York released a modification to its four-year financial plan (“the November Plan”) covering fiscal years 2017 through 2020. The November Plan incorporates a number of changes since the budget was adopted in June 2016, including a Citywide Savings Program, higher-than-planned spending and a small reduction in projected tax collections.

The role of the securities industry in New York City’s economy has changed since the financial crisis. The industry is smaller after shedding 8 percent of its jobs since 2007, while the rest of the City’s private sector has grown by 17 percent.