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DiNapoli: New York City Workforce Down Over 19,000, Largest Decline Since Great Recession

Attrition outpaces hiring among New York City’s municipal workforce, which could have an impact on critical city services and programs, according to a report released today by State Comptroller Thomas P. DiNapoli. The report shows the city’s full-time workforce declined by 19,113 employees over the last two years, the largest decline in staffing since the Great Recession of 2008. Despite the city hiring over 40,000 new employees in the last fiscal year, city job vacancies stand at more than 21,000.

A Comparative Assessment of New York City’s Federal Pandemic Education Aid

New York’s "Big Five" school districts in New York City, Yonkers, Buffalo, Syracuse and Rochester received $8.6 billion in federal pandemic relief funds, but there are sizeable differences in how school districts are using the funds. New York City has directed a smaller share of its total allocation toward addressing the academic impacts of the pandemic. The City, and all districts, can improve reporting linking educational outcomes for all of its students with their use of these historic federal education funds.

DiNapoli Report Finds Big Five School Districts' Use of Pandemic Aid Reflects Different Priorities

New York’s five largest school districts received $8.6 billion in federal pandemic relief funds, and analysis by New York State Comptroller Thomas P. DiNapoli released today found sizeable differences in how school districts are using the funds. The New York City Department of Education plans to use a smaller share of the billions of dollars of its federal aid to help close pandemic learning gaps than other large school districts, both in New York and nationwide.

10 Years After Superstorm Sandy: Tracking MTA Capital Spending

Ten years ago, Superstorm Sandy made landfall in New York, causing catastrophic devastation to Long Island and New York City. One of the key organizations involved in the recovery and the planning of responses to future climate events is the MTA, whose assets were substantially impacted by the storm. This analysis tracks MTA’s progress on projects focused on rebuilding and strengthening elements affected by Superstorm Sandy and discusses what more can be done to better protect the system from new disasters.

The Securities Industry in New York City

Following near-record profitability in 2020, securities industry pretax profits rose even further in 2021. As federal stimulus actions have wound down, profits in 2022 are returning to pre-pandemic levels. New York State and City are reliant on tax revenues from the industry and must be cautious in managing their budgets given continued uncertainty in the financial markets. Though national sector employment has grown recently, the City’s share of national sector employment continued to decline slightly.

DiNapoli: NYC Emergency Management Failing to Ensure the City is Prepared for Disasters

Ten years after Superstorm Sandy devastated the New York City metropolitan area, killing dozens of people and causing billions of dollars in damage, the city needs to be better prepared for another catastrophic event, according to an audit released today by New York State Comptroller Thomas P. DiNapoli. The audit of the New York City Emergency Management (NYCEM) found weak oversight and poor management of hazard mitigation efforts, operational continuity plans and evacuation plans.

The Technology Sector in New York City, October 2022

Technology sector employment in New York City increased by 33.6% (43,430 jobs) from 2016 to 2021 to reach a record high of 172,570 jobs. The city’s private sector lost 3.3% of jobs during this same period. Businesses in the tech sector also grew, accounting for 22.3 percent of the City’s total private firms added during the same period. Most of these firms consisted of fewer than 10 employees and contributed to the citywide growth in microbusinesses during the pandemic.

DiNapoli: NYC’s Tech Boom Partially Offset City's Pandemic Job Losses

Jobs in New York City’s technology sector grew over the course of the COVID-19 pandemic, while most other economic sectors suffered job losses, according to a report released today by State Comptroller Thomas P. DiNapoli. The report found that tech sector employment in New York City increased by 33.6% (43,430 jobs) from 2016 to 2021 to reach a record high of 172,570 jobs. The city’s private sector lost 3.3% of jobs during this same period.

Financial Outlook for the Metropolitan Transportation Authority - October 2022

Over the last year, the fiscal position of the MTA has deteriorated, as transit ridership continued to lag at the low end of the authority’s projections. The MTA has two years to bring back riders and rebuild fare revenue before federal aid runs out. In the meantime, it must develop plans to cover budget gaps that start at $2.5 billion in 2025.