New York City has always been a gateway to opportunity for people from around the world. Successive waves of immigration created a melting pot of cultures that left its mark on the City’s history and its neighborhoods.
Spanish | Russian | Chinese | Korean | Haitian-Creole
New York City is undergoing its largest and longest job expansion since World War II. More than 700,000 jobs have been added during the past eight years (a gain of nearly 19 percent), pushing employment to uncharted levels.
New York City’s finances have remained resilient so far during the COVID-19 pandemic, largely as a result of tax revenue from the financial services sector, but the city will face some dire choices in 2021 if the federal government does not deliver direct aid to state and local governments soon, according to a budget analysis released today by State Comptroller Thomas P. DiNapoli.
The Metropolitan Transportation Authority (MTA) is facing the greatest challenge in its history.
The COVID-19 pandemic has significantly impacted the securities industry in New York City, affecting both operations and profitability.
The average bonus paid to employees in New York City’s securities industry increased by 3 percent in 2019 to $164,100, but it is likely to fall sharply in 2020 as the coronavirus crisis strains industry profitability.
On January 16, 2020, the City of New York released a four-year financial plan for fiscal years 2020 through 2024 (the “January Plan”). The January Plan reflects the strength in the local economy, which has helped fuel personal and business tax collections; new agency needs; and an expansion in the citywide savings program.
The economic, social and budgetary fallout from the COVID-19 pandemic on New York City has been unprecedented, while the loss of life has been unimaginable. Restrictions put in place to slow the spread of the disease triggered a national recession. In New York City, job losses in March and April were the largest since the Great Depression.
New York City has been the epicenter of the novel coronavirus pandemic in the United States. The economic, social and budgetary impacts have been unprecedented, while the loss of life has been unimaginable.
