New York City’s finances continue to benefit from better-than-projected revenues and savings generated through initiatives launched in response to its financial challenges, but the continued influx of asylum seekers, elevated demand for City programs and a declining surplus demand preparation to navigate future uncertainty.
Office buildings in New York City remain a critical contributor to its economy and tax base, as market values reached nearly $205 billion in fiscal year 2025, surpassing pre-pandemic levels. Higher market values on office buildings are being fueled by growth outside of traditional Midtown office districts, including Hudson Yards, Chelsea, Union Square, Soho, Downtown Brooklyn and Long Island City.
Office buildings in New York City remain a critical contributor to its economy and tax base, as market values reached nearly $205 billion in fiscal year (FY) 2025, surpassing pre-pandemic levels, according to a report released today by New
New York City’s contract spending (excluding capital projects) has grown significantly in recent years, rising to $24.3 billion in fiscal year (FY) 2023, an increase of nearly $7 billion from FY 2019, representing an outsized share (41%) of total citywide operating spending growth in this period,
New York City’s contract spending (excluding capital projects) has grown significantly in recent years, rising to $24.3 billion in fiscal year (FY) 2023, an increase of nearly $7 billion from FY 2019, representing an outsized share (41%) of total citywide operating spending growth in this period. Total contract spending for goods and services represented nearly 22% of operating spending in FY 2023, compared to 16% in FY 2010.
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.
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.
Small businesses with fewer than five employees grew over 10% in New York City during the COVID-19 pandemic, according to a report released today by State Comptroller Thomas P. DiNapoli.
