The agriculture industry supports jobs and communities throughout New York State. The COVID-19 pandemic and economic shutdown led to job losses across almost all industries in New York, but the agricultural sector proved to be among the most resilient, losing just 1 percent of jobs in 2020 compared to a statewide annual employment loss of 8.7 percent. Both employment and wages in the farming sector grew in 2021 to reach new highs.

Local sales tax collections in New York State totaled more than $5.5 billion in the second quarter of 2022 (April-June), an increase of 12.2% or nearly $604 million compared to the same quarter last year.

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The devastating number of job losses caused by the COVID-19 pandemic led to a significant increase in residential customers owing money to their utility companies. Over the course of the pandemic, the amount in arrears increased significantly for all utilities and more than doubled on a statewide basis. In March 2022, one in eight residential customers were in arrears—more than 1.2 million customers statewide, with $1.8 billion owed to utility companies across the State.

Outdoor recreation in New York provided $21.1 billion in economic activity in 2020 and supported over 241,000 jobs. While New York ranks fourth in the nation on GDP generated by outdoor recreation, outdoor recreation represents a more significant part of the economy in nearly every other state. Efforts to bolster tourism and protect the outdoors are important for spurring greater economic activity and enhancing access to and utilization of these amenities.

New York City’s transportation and warehousing sector regained 82% of its pandemic job losses as of April 2022. The sector’s relatively strong job gains over the past two years were fueled by increased demand for moving goods rather than people during the pandemic. An explosion in e⁠-⁠commerce led the growth in the courier and messenger, and warehousing and storage subsectors, which now well exceed pre-pandemic employment levels.

New York's local Industrial Development Agencies (IDAs) reported 4,262 active projects with a total value of $114 billion in 2020, an increase of $5.3 billion from the prior year, according to an annual report on IDAs.

Local sales tax collections in New York State increased by 16.7% in May compared to the same month in 2021. Overall, local collections totaled $1.7 billion, up $242 million from May of last year.

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The devastating job losses caused by the COVID-19 pandemic led to a record number of unemployment insurance (UI) claims in New York, necessitating borrowing from the federal government beginning in May 2020. Two years later, the State’s UI debt has remained stubbornly high despite steady employment gains and state tax rates that have already increased to maximum permissible levels. Absent federal or state significant action, interest costs will mount and employers federal taxes will also grow.

New York City lags the rest of the State and the nation in restoring pandemic job losses and in rebounding to pre-pandemic levels of unemployment. The recovery has also been uneven, with high-wage economic sectors generally faring better than low-wage sectors. This report aims to understand the main differences in labor force participation among the City’s workers and the reasons for the City’s slow recovery when compared to rest of the State and the nation.

From 2010 to 2020, Brooklyn experienced substantial economic growth, with employment and business growth rates outpacing the rest of New York City. However, the pandemic halted its economic progress and exacerbated existing inequalities in the borough. Brooklyn’s economy is showing signs of recovering to pre-pandemic levels, but City and State officials will need to collaborate with community leaders to ensure an equitable recovery.