Stronger-than-projected year-end budgetary results, fueled by extraordinary one-time federal relief, will mostly be used to fund new spending, with a smaller portion set aside to build up reserves, according to an analysis of New York City’s fin
In an audit released today, New York State Comptroller Thomas P.
New York City’s adopted $98.7 billion FY 2022 budget, beginning July 1, 2021, highlights the critical role a continued economic recovery and sound fiscal management will play in enabling long-term budget balance for the city.
One year after COVID-19 caused the sharpest economic contraction on record and exposed New York City’s finances to substantial risks, the City’s economy and finances are on the mend, thanks largely to unprecedented federal economic stimulus for businesses and individuals, and direct federal relief to New York State, New York City and the Metropolitan Transportation Authority.
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 hit the Bronx harder than any other borough by several measures, according to an economic analysis released today by New York State Comptroller Thomas P. DiNapoli.
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.
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.
