New York’s financial outlook is in a relatively stable position, but continues to have a structural budget deficit, with a cumulative three-year budget gap of $13.9 billion forecasted by the Division of the Budget. Action is needed to align projected state spending with revenues and address factors that challenge the state’s finances, economic competitiveness, and ability to offer services effectively over the long term.
The tourism industry’s post-pandemic recovery is uneven across the State, with Long Island nearly at full recovery of jobs lost while the North Country and Mohawk Valley are struggling to regain their footing. Visitors flocked to outdoor destinations, with attendance at State parks 9.1% higher in 2023 over 2000, while jobs are still 4.3% below pre-pandemic levels.
As the largest commuter railroad in the nation, the Long Island Rail Road (LIRR) is making a steady recovery from the pandemic with growing ridership, increased service routes into the Grand Central Madison terminal and on-time performance in 2023 that was better than in 2019. Still, the LIRR had 31% more delays from train car problems last year than in 2019, showing there are still areas that can improve, such as increasing preventative maintenance of older train cars.
Small businesses with fewer than five employees grew over 10% in New York City during the COVID-19 pandemic. Very small businesses were a key source of new economic activity during the first half of the pandemic in the city, as they accounted for more than 71% of all businesses citywide. This report details the growth in New York City’s small businesses, the industries that were most affected, and the areas, Brooklyn and the Bronx, that saw the highest increases.
Motor vehicle fatalities in New York State have risen 25.8% since 2019, with fatalities in 2022 at the highest level in a decade, even as the number of vehicle miles travelled, licensed drivers and traffic accidents have declined. State lawmakers recently enacted “Sammy’s Law,” which allows New York City to reduce speed limits in certain “safety zones” that are prone to pedestrian traffic injuries and fatalities. Such discretion could be provided to other local governments looking for ways to make their roads safer.
With the loss of $15 billion in congestion pricing revenue, the MTA has to reprioritize its 2020-2024 Capital Program. This report identifies over $21 billion in projects that potentially relied on congestion pricing revenue and are under review and suggests the Authority prioritize keeping the system in a state of good repair.
The North Shore, for many the gateway to Staten Island, has led the borough in population growth since 2010. The North Shore is located just north of the Staten Island Expressway and serves as an important freight and commuting hub. The area accounts for more than one third of the Staten Island population and its residents tend to be younger and more racially diverse than in other parts of the borough.
Local sales tax collections in New York State increased by 3.9% in May compared to the same month in 2023. Overall, local collections totaled $1.78 billion, up $66.4 million from the same time last year.
