2020 Financial Condition Report
Message from the Comptroller
The 2019-20 fiscal year brought the convergence of two dramatically different periods to New York State. The nation’s longest recorded economic expansion continued to generate overall job growth through most of the fiscal year before finally ending in February, as the COVID-19 pandemic forced severe limits on business activity and significantly impacted the State’s economy. The transition to a new fiscal year then brought the loss of more than 1.9 million jobs in New York, with more widespread economic uncertainty than we have seen in decades.
