Dear New Yorkers,
When I penned my first cover note for the “New York By the Numbers” Monthly Economic Newsletter four years ago, we were in the midst of the Omicron surge of Covid-19. Office attendance had plunged to just 18%. Private employment, tourism, and Broadway revenues were still far below pre-pandemic levels.
Over the past 48 newsletters, we’ve tracked all of those numbers, and many more. We’ve reported to you monthly on labor market indicators, consumer confidence, public transit ridership, homeless shelter entrances and exits, as well as detailed information on the City’s revenues, bond ratings, and cash position.
The “Spotlights” have been some of my favorite content put out by our office. We’ve taken deep dives on the impact of AI, tariffs, student loan debt, arts & culture, unbanked New Yorkers, disability & employment, Federal funding, the City’s capital budget, and many aspects of the City’s housing market.
For the final Spotlight of my tenure, we summarize the findings of our “Annual Report of the City’s Economy and Finances.” The numbers look a lot better than they did four years ago: more private sector jobs than pre-pandemic. A strong rebound in the office market. And there are many great Broadway shows to see.
Big challenges remain, of course. Growth has slowed in the face of Trump’s tariffs. There are sizable budget gaps to fill. Most of the job growth has been in sectors that don’t pay enough to afford this expensive city. And housing affordability is not just a strain for millions of families, it’s a strain on the city’s economy as well.
We’ve got one more report coming out next week, highlighting our accomplishments over this term – so I’ll save my final reflections for then.
For now, I’ll just say it’s been a profound honor watching the numbers for you,
