Despite having the fourth-largest construction sector in the nation, New York State is one of five states that have not recovered from pandemic job losses and a full recovery may take some time as construction businesses in New York City continue to face a variety of challenges, including softer demand for office space. This report provides an update to the Office of the New York State Comptroller’s report that found the COVID-19 pandemic had an outsized impact on the construction sector in New York City. 

Proposed federal changes to the Supplemental Nutritional Assistance Program (SNAP), the nation’s largest program helping households obtain food, would increase costs to state governments, limit eligibility and reduce the value of future benefits. As an essential safety net program, SNAP benefits have traditionally been funded by the federal government; the proposed changes could weaken the program and lead to increased food insecurity in New York and nationally.

The Procurement Stewardship Act Report is prepared annually by the Office of the New York State Comptroller as required by New York State Finance Law, Section 163.14. The Report provides information on state agency contracts, agency purchases from centralized contracts, bid protests and use of consultants during the past fiscal year.

The Procurement Stewardship Act Report is prepared annually by the Office of the New York State Comptroller as required by New York State Finance Law, Section 163.14. The Report provides information on state agency contracts, agency purchases from centralized contracts, bid protests and use of consultants during the past fiscal year. 

The MTA has made substantial progress funding its capital programs and has tried to limit the strain on its operating budget from debt service costs, but potential federal actions threaten its financial future and debt profile.

This report summarizes project and financial data submitted by industrial development agencies (IDAs) for fiscal year 2023 — the most recent data available — through the Public Authorities Reporting Information System. It also contains a brief discussion of local development corporations (LDCs), a related type of local authority. For regional and individual IDA summary-level data, see our Interactive Map.

The State of New York Mortgage Agency (SONYMA) has boosted lending and programs for minority households and economically disadvantaged communities, increasing its share of loans provided to low-income and minority borrowers over the last 10 years, but wide racial and ethnic disparities persist in homeownership in New York. Improvements to data and reporting are needed so that policymakers have better information to evaluate outcomes and consider whether additional actions are needed, given rising housing burdens across the State.

Stronger than anticipated revenues and lower costs for asylum seekers will help New York City balance its $118 billion fiscal year 2026 budget. However, potential fiscal challenges are emerging, including continued uncertainty regarding federal policy and economic conditions, and fiscal risks from anticipated federal budget cuts. These challenges could limit the City’s potential revenue upside and make it harder to continue to fund recent spending additions for discretionary programs and maintain services.