Wall Street’s pandemic boom came to an end in 2022, with pretax, first half profits of $13.5 billion, down 56.3% from the $31 billion earned in the same period last year, according to State Comptroller Thomas P. DiNapoli’s annual report on New York City’s securities industry.
Technology sector employment in New York City increased by 33.6% (43,430 jobs) from 2016 to 2021 to reach a record high of 172,570 jobs. The city’s private sector lost 3.3% of jobs during this same period. Businesses in the tech sector also grew, accounting for 22.3 percent of the City’s total private firms added during the same period. Most of these firms consisted of fewer than 10 employees and contributed to the citywide growth in microbusinesses during the pandemic.
Jobs in New York City’s technology sector grew over the course of the COVID-19 pandemic, while most other economic sectors suffered job losses, according to a report released today by State Comptroller Thomas P. DiNapoli. The report found that tech sector employment in New York City increased by 33.6% (43,430 jobs) from 2016 to 2021 to reach a record high of 172,570 jobs. The city’s private sector lost 3.3% of jobs during this same period.
Over the last year, the fiscal position of the MTA has deteriorated, as transit ridership continued to lag at the low end of the authority’s projections. The MTA has two years to bring back riders and rebuild fare revenue before federal aid runs out. In the meantime, it must develop plans to cover budget gaps that start at $2.5 billion in 2025.
The Metropolitan Transportation Authority (MTA) has two years to bring back riders and rebuild fare revenue before federal relief aid runs out, but in that time, it must develop plans to cover budget gaps that start at $2.5 billion in 2025 and grow in the outyears, according to a report on MTA’s financial outlook released today by New York State Comptroller Thomas P. DiNapoli.
The American Rescue Plan Act of 2021 provided $350 billion in additional fiscal relief to address the continued impact of COVID-19 on the economy, public health, and the finances of state and local governments, individuals and businesses. This report examines how New York City and other local governments across the country used the first of two partial payments of these funds, totaling nearly $224 billion.
New York City is using the federal funds it received in the wake of the COVID-19 pandemic to replace revenue losses and mitigate negative economic impacts, similar to other major cities in the country, but it has used them at a faster pace than its peer cities, which leaves less available to address future uncertainties, according to a report released today by State Comptroller Thomas P. DiNapoli.
The NYC Department of Education (DOE) needs to step up its efforts to prepare students for their next steps after high school, according to an audit released today by State Comptroller Thomas P. DiNapoli.
Communities in the Rockaways were some of the hardest hit by the pandemic. Despite the challenges, local economic indicators have slowly improved as the pandemic has worn on, with the number of Rockaways businesses growing in 2020 and 2021. Since the City’s reopening following the height of the pandemic, local stakeholders in the Rockaways have made concerted efforts to promote economic recovery and improved environmental conditions, with a focus on mitigating the impact of extreme climate events.
Communities in the Rockaways were some of the hardest hit by the COVID-19 pandemic. Now, more than two years after the pandemic first struck, an economic report released today by New York State Comptroller Thomas P. DiNapoli finds positive signs of business and employment growth that offer reason to believe the Rockaways is on the road to recovery.
