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 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.

Young workers in New York City between the ages of 16-24 continued to face a high 13.2% unemployment rate in 2024, which was 3.6 points higher than in 2019 and higher than all other age groups. Potential federal funding cuts to education and workforce development grants, as well as a looming economic recession, may weaken job prospects for young people.

Local government sales tax collections totaled $5.8 billion in the first quarter (January-March) of 2025, an increase of 3.2% ($180 million) compared to the same quarter last year. Each of the 10 regions in the state, including New York City, had a year-over-year increase in collections. This marked the second straight year that first quarter growth was below the pre-pandemic average of 3.5%.| Regional Table [xlsx]

Food prices in the New York City metropolitan area have risen 25.2% since 2019 and low-income households are paying substantially more toward food than before the pandemic. While food costs are affected by many factors, recent increases have been fueled by supply chain disruptions created by disruptive public health, severe weather and geopolitical events, which may continue in the near term.

Women in New York working full time earned 87.3 cents on the dollar compared to men in 2023, meaning they would have to work an extra 53 days into 2024 to make what New York men made at the close of 2023. The gender pay gap in New York is smaller than the national average of 81 cents on the dollar in 2023.

New York City’s efforts to address its housing shortage have led to a growth in supply that outpaced that of the State, but a drop in permits suggests slower growth may be on the horizon. The City gained 307,000 housing units from 2010 through 2023, an increase of 9%, bringing the total to over 3.7 million. Brooklyn gained the most over that time, with 11.4% growth to reach 1.1 million units or 30% of housing citywide.

This report details New York’s financial impact from the energy and environmental portions of the 2022 Inflation Reduction Act (IRA), including close to $2 billion in funds that could help lower costs during New York’s transition to clean energy. IRA programs represent a significant source of funding as the State pursues policies to reduce greenhouse gas emissions and improve resiliency. There is now significant uncertainty about whether this funding will continue after a new executive order issued by President Trump.

The New York portion of the New York City Metropolitan Area accounted for more than $103 billion, or 69% of the value of goods imported to New York State in 2023, and Europe provided the largest share of goods to the area. This report aims to help New Yorkers understand the potential effects of federal trade policy choices on their businesses and households.

Sales tax collections for local governments and other local taxing entities in New York State totaled $23.4 billion in calendar year 2024, up 1.6 percent (or nearly $376 million) from the prior year. This increase not only marked the lowest year-over-year rate of growth in collections since the COVID-related decline in 2020, but it was less than half the average annual growth rate (3.8 percent) for the 2011 to 2019 period of recovery and expansion following the Great Recession.