Sales tax revenue for local governments in New York State declined by 3.9 percent in the first quarter compared to the same period last year. Sales tax collections from January through March totaled $4.3 billion, which was $173 million less than the first quarter of 2020.
Overall sales tax collections for local governments declined by 4.2 percent in February compared to the same month in 2020. Collections totaled nearly $1.3 billion, down $55 million from February of last year. Collections are down $2.2 billion, or 12 percent, for the past 12 months (March 2020 – February 2021), compared to the same 12 months ending February 2020.
Local government sales tax collections statewide were down 5.9 percent in January compared to the same time last year, State Comptroller Thomas P. DiNapoli announced. Collections totaled $1.5 billion, down $95 million from January 2020.
Population in the Bronx grew by 10.4 percent from 2000 to 2017 (faster than any other borough), driven primarily by the growth in the immigrant population, but it declined in the next two years to 1.42 million residents.
The COVID-19 pandemic and resulting economic shutdown quickly led to soaring unemployment rates in New York; those rates subsequently declined slowly but steadily. However, for New Yorkers who face unique challenges due to a disability, unemployment rates increased more quickly and have remained stubbornly high, disrupting progress that had been made leading up to the pandemic.
The COVID-19 pandemic brought a halt to the growth of the construction industry nationwide which, prior to the pandemic, had been growing strongly. This was especially true in New York State and New York City.
This report details economic impact payments, also known as "stimulus checks," provided to New Yorkers under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the COVID-Related Tax Relief (CRTR) Act. The report also summarizes the Comptroller’s analysis of the Enacted Budget.
In 2020, the 10-year period of record growth in tourism came to an end, and the number of visitors to New York City fell by 67 percent to 22.3 million (from 66.6 million in 2019). OSC estimates the industry’s economic impact dropped by 75 percent from $80.3 billion in 2019 to $20.2 billion in 2020.
To date, New York businesses and not-for-profits have received $51.0 billion of federal Paycheck Protection Program (PPP) loans, low-interest loans first authorized in March 2020 in response to economic hardships faced by these entities due to the pandemic. This report provides a profile of PPP loans by county, industry, and business size.
New York State’s hotel industry has experienced a decade of strong growth, driven by an increase in tourism. A record number of visitors (227.5 million) came to New York State in 2014, and a new record was likely set in 2015.
