In 2017, the State’s 109 active Industrial Development Agencies reported projects valued at $98.1 billion, with over $750 million in net annual tax exemptions and $8.0 billion in total debt outstanding, including conduit and other debt. They supported 4,385 projects that produced a net total of 198,522 jobs gained since their inception through 2017.
Local sales tax collections for the first half of 2019 totaled $8.8 billion in New York State. Collections grew by 3.4 percent and 3.2 percent in the first and second quarters, respectively, over the same periods in 2018. This moderate pace is closer to those seen in most of 2017 than to the stronger early quarters of 2018.
Local sales tax collections in New York State totaled $4.8 billion in the third quarter of 2019, an increase of 6.3 percent over the third quarter of 2018. This growth was stronger than in either of the first two quarters of the year.
Local sales tax collections in New York State totaled $18.3 billion in 2019 for a year-over-year increase of 4.7 percent. While this was slower than the 5.3 percent annual growth for 2018, it exceeded growth in all other years since 2013. The economic climate in 2019 was generally positive for sales tax growth. The statewide labor market remained firm throughout the year, with continued employment and wage growth. Consumer spending also held up well throughout the year, despite slightly reduced consumer confidence over prior years.
The COVID-19 pandemic has affected the retail trade sector unevenly, with online retailers and some essential businesses experiencing growth and other large retail segments seeing falling revenues. The impact has been most obvious in Manhattan, where foot traffic in key corridors initially fell by more than 90 percent and remains below 50 percent of its 2019 levels as tourists, commuters, office workers and residents have responded to pandemic-related shutdowns and public health concerns.
New Yorkers’ average student loan balance rose by 3.9 percent from the previous year to $37,600 as of June 2020, according to newly available data from the Federal Reserve Bank of New York.
New York State local sales tax collections in the first quarter (January-March) of 2020 totaled $4.4 billion. This was an increase of 4.6 percent over the same period last year, mostly reflecting sales made before the statewide implementation of business and office closures and social distancing policies in reaction to the COVID-19 pandemic.
Local government sales tax collections declined by 7.1 percent, or $102 million, in November compared to the same month in 2019. The decline is steeper than in October, but not as bad as the double-digit declines in the earlier months (April-June) of the pandemic. All but five counties saw declines in overall collections in November, and New York City had a 6.5 percent, or $45 million, decline.
In the second quarter of 2020, total wages paid in New York State declined by $12.5 billion or 7.4 percent in comparison to the second quarter of 2019, according to new data from the U.S. Bureau of Labor Statistics (BLS).
The Hunts Point Food Distribution Center, often referred to as the Hunts Point Market, is the largest food distribution center in the world.
