New York By The Numbers: Monthly Economic and Fiscal Outlook


** New York by the Numbers
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** Monthly Economic and Fiscal Outlook
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By NYC Comptroller Brad Lander
Krista Olson, Deputy Comptroller for Budget
Andrew McWilliam, Director of Economic Research
Photo Credit: June Marie Sobrito / Shutterstock.com
Click here to read this newsletter on the Comptroller's website. ([link removed])


** No. 64 - April 4th, 2022
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** A Message from the Comptroller
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Dear New Yorkers,

The economic data this month is decidedly mixed. New York City’s recovery continues, with steady if modest improvements on Broadway, and in restaurants and tourism, after pauses due to Omicron at the start of the year. Job growth has been strong, unemployment declining, and workers are seeing significant wage increases across sectors.

But unemployment in New York City remains nearly double the nation’s, and much higher for Black and Hispanic New Yorkers – unemployment actually increased in February for Black New Yorkers.

Meanwhile, rising inflation is eroding the wage gains many workers are seeing. Average hourly wages nationally have grown by 5.6% in March over the last year (with double-digit increases in the Leisure and Hospitality sector), but the Consumer Price Index nationally was up 7.9% in February over the last year. Locally, the CPI was up less but is still 5.1% higher than a year ago in the NY-NJ-PA metro area. My office will be doing a deeper dive on local inflation indicators in the coming weeks, with a particular look at the impact on low-wage workers.

In response to accelerating inflation, the Federal Reserve raised interest rates for the first time in over three years and has signaled that they intend to increase rates again at future meetings this year, as the Fed aims to slow demand.

This month’s spotlight focuses on the sharp increase in gas prices, spurred by inflation and Russia’s invasion of Ukraine. We look at the disparate impact across NYC neighborhoods, as New Yorkers in areas with less access to transit will feel the pinch at the pump more deeply. Public transit use continues to rebound, but relative to pre-pandemic levels, vehicle use is far ahead.

One bright spot here is that the City of New York has taken steps in recent years to shift approximately two-thirds of its fleet to electric and hybrid vehicles, which will help mitigate the impact of rising gas prices on the City’s budget.

Enjoy the warmer weather, and we’ll keep watching the numbers,

Sincerely,

Brad Lander


** The U.S. Economy
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* The nation created 431,000 jobs in March 2022, down from 750,000 in February. The labor market continues to tighten, with the unemployment rate down from 3.8% in February to 3.6% in March, essentially the same level as in February 2020.
* Average hourly earnings for all employees on private nonfarm payrolls grew by 5.6% over the prior year.
* The Consumer Price Index (CPI) rose by 7.9% for the 12-month period ending February 2022, up from a 1.7% inflation rate a year ago (Chart 1). The increase is attributable to energy (25.6%), food prices (7.9%), and shelter (4.7%).
* The NY-NJ-PA metro area inflation rate is lower than the national rate at 5.1% (Chart 2) due to energy and shelter prices rising less steeply in the metro area. The Comptroller’s Office will be doing a deeper dive on local inflation indicators in the coming weeks.
* The Federal Reserve raised the Federal Funds Rate by 0.25% in March, the first hike in over three years, and signaled a significantly steeper path going forward, peaking around 2.75% in 2023 (Survey of Economic Projections: [link removed])


** Chart 1
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SOURCE: Bureau of Labor Statistics


**
Chart 2
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SOURCE: Bureau of Labor Statistics


** NYC Labor Markets
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* The private sector gained 25,300 jobs in New York City in February 2022 (Table 1). This is a marked improvement from the gain of just 2,500 in January, when the omicron wave diminished expected gains.
* Weakness in Accommodation and Food Services (-1,900) was offset by growth in Health Care and Social Assistance (+8,400), Professional and Business Services (+8,200), Construction (+4,800), and Financial Activities (+4,300).
* As of February, the private sector recovered 647,000 jobs or 71.2% of the losses suffered in March and April 2020. Over the same period, the US private sector recovered all the losses and was above February 2020 employment levels.
* The unemployment rate dropped to 7.0% in February from 7.6% in January, but it remains nearly double the nation’s (3.8% in February 2022).


** Table 1: Seasonally Adjusted NYC Private Employment, by Industry ('000s)
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Seasonally Adjusted NYC Employment February 2022 Change From
Industry Feb. ’20 Apr. ’20 Jan. ’22 Feb. ’22 Feb. ’20 Apr. ’20 Jan. ’22
Total Private 4086.0 3176.7 3798.5 3823.8 -262.2 647.1 25.3
Financial Activities 486.2 469.5 463.1 467.4 -18.9 -2.1 4.3
Information 227.8 204.3 236.4 236.0 8.3 31.8 -0.4
Professional and Business Services 775.6 689.6 748.5 756.7 -18.9 67.2 8.2
Educational Services 255.6 229.9 240.2 236.6 -19.0 6.7 -3.6
Health Care and Social Assistance 816.0 713.8 806.5 814.9 -1.1 101.1 8.4
Arts, Entertainment, and Recreation 95.5 50.9 77.1 76.8 -18.8 25.8 -0.3
Accommodation and Food Services 372.7 107.7 292.2 290.3 -82.5 182.5 -1.9
Other Services 195.3 129.6 172.0 174.4 -20.8 44.8 2.4
Retail Trade 345.0 231.0 304.9 306.7 -38.3 75.7 1.7
Wholesale Trade 138.7 109.2 125.3 126.0 -12.7 16.8 0.7
Transportation and Warehousing 134.9 98.8 129.2 130.3 -4.6 31.5 1.1
Construction 162.4 88.1 132.3 137.1 -25.3 49.0 4.8
Manufacturing 65.0 39.5 56.3 56.1 -8.9 16.7 -0.2
SOURCE: NYS DOL, private employment seasonally adjusted by NYC OMB.
* Every year, monthly jobs data are benchmarked to the more comprehensive but lagged Quarterly Census of Employment and Wages. The new data shows a faster recovery than previously thought:
+ Private employment was revised upward by 86,400 in December 2020 and by 114,600 in December 2021 (Table 2).
+ As of December 2021, the largest revisions were in office-using employment* (+35,600) and in Accommodation and Food Services (+36,700).
+ The revised data also lowered unemployment to 7.4% in December (seasonally adjusted) versus 8.8% in the previous data vintage.
* The new data also shows that by the end of 2021, the private sector recovered 68.1% (vs. 55.2% before revisions) of the losses incurred in March and April 2020.

* Office-using employment is defined as employment in the Financial Activities, Information, and Professional and Business Services sectors.


** Table 2: Revisions to Private Sector Employment Data
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Revision Post-benchmark data Pre-benchmark data
December 2020 (nsa, 000’s) +86.4 3,598.0 3,511.6
December 2021 (nsa, 000’s) +114.6 3,868.3 3,753.7
Job losses March and April 2020 (sa, 000’s) +12.9 -909.3 -922.2
Recovered by December 2020 (sa, 000’s) +61.0 329.8
(36.3% of losses) 268.8
(29.1% of losses)
Recovered by December 2021 (sa, 000’s) +110.3 619.4
(68.1% of losses) 509.1
(55.2% of losses)
Unemployment rate December 2021 -1.4% 7.4% 8.8%
SOURCE: NYS DOL, private employment seasonally adjusted by NYC OMB.
* Newly released data for the third quarter of 2021 from the Quarterly Census of Employment and Wages shows employment in low-wage sectors of the economy was below 2019 levels while higher-wage sectors were close to pre-pandemic levels.
+ Third quarter employment in Accommodation and Food Services remained 29% below 2019 levels from the third quarter of 2020 (Table 3). Retail employment was 16% below the third quarter of 2019.
+ Employment in the Information sector was 4% above 2019. Jobs in Finance and Insurance declined by 4% and jobs in Professional Services declined by 2% compared to 2019 levels.
* Average wages were well above 2019 levels for both low and high-wage sectors.
+ Average wages increased by 9% in Accommodation and Food Service, and by 14% in Retail Employment.
+ Average wages increased 24% in the Information sector, by 16% in Finance and Insurance, and by 17% in Professional Services.


** Table 3: Employment and Wages in High and Low-Wage Sectors of the New York City Economy, Q3 of 2019, 2020, and 2021
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Low Wage Period Q3 2021 % Change From
Q3-2019 Q3-2020 Q3-2021 Q3-2019 Q3-2020
Retail Employment 340,904 276,645 286,642 -16% 4%
Average Quarterly Wage $11,185 $12,249 $12,740 14% 4%
Accommodation
& Food Services Employment 373,756 176,688 263,830 -29% 49%
Average Quarterly Wage $9,545 $8,901 $10,434 9% 17%
High Wage Period Q3 2021 % Change From
Q3-2019 Q3-2020 Q3-2021 Q3-2019 Q3-2020
Information Employment 206,197 191,195 214,560 4% 12%
Average Quarterly Wage $35,187 $41,258 $43,746 24% 6%
Finance & Insurance Employment 344,189 334,501 331,425 -4% -1%
Average Quarterly Wage $47,553 $50,145 $55,068 16% 10%
Professional & Technical Services Employment 415,419 394,585 407,640 -2% 3%
Average Quarterly Wage $32,626 $34,647 $38,216 17% 10%
SOURCE: Quarterly Census of Employment and Wages. Low wage sectors and high wage sectors are chosen according to average quarrterly wages in 2019/
* Unemployment rates continue to vary highly by race/ethnicity. The unemployment rate for Black residents increased to 11.6% in February, while the rate for Asian and Hispanic New Yorkers, and the Citywide rate, dropped to new pandemic lows (data are not seasonally adjusted) (Chart 3).
* Relative to February 2020, the unemployment rate was 2.3 percentage points higher for Hispanic residents, 2.7 percentage points higher for Asian New Yorkers, 3.3 percentage points higher for non-Hispanic White New Yorkers, and 6.2 percentage points higher for Black New Yorkers.


** Chart 3
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SOURCE: Current Population Survery unemployment rates are not seasonally adjusted, unemployment rates by race/ethnicity calculated as 3-month averages


** NYC Real Estate Markets
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* Data from Douglas Elliman show that rents for higher-end brokered Manhattan apartments have continued to increase on a monthly basis in each of the last 12 months. The average asking rent of $80.66 per square foot in February represents a 7.8% increase from the prior month (Table 4, data are not seasonally adjusted).
* There were 346 fewer new leases in February while listing inventory increased by 225 housing units. The February vacancy rate of 1.32% is the lowest since the start of the pandemic.


** Table 4: Douglas Elliman Rental Matrix, Trends in High-End Residential Apartment Rentals
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Year Month Rental Price per Sqft. # New Leases Listing Inventory Vacancy Rate
2020 March $70.10 2,638 4,258 2.13%
April $74.20 1,407 4,714 2.42%
May $67.82 2,190 7,420 2.88%
June $65.00 3,171 10,789 3.67%
July $64.39 4,949 13,117 4.33%
August $62.97 4,990 15,025 5.10%
September $62.47 5,018 15,923 5.75%
October $61.38 5,641 16,145 6.14%
November $59.05 4,015 15,130 6.14%
December $62.12 5,459 13,718 5.52%
2021 January $62.33 6,255 12,447 5.33%
February $60.54 6,561 23,983* 11.79%*
March $62.25 4,986 19,633 11.25%
April $62.34 9,087 20,743 11.60%
May $64.94 9,491 19,025 7.59%
June $64.97 9,642 11,853 6.69%
July $67.73 7,656 11,794 6.07%
August $68.13 8,201 8,362 3.23%
September $70.31 5,241 6,761 2.34%
October $70.62 4,395 6,755 2.11%
November $71.24 3,299 6,187 2.09%
December $72.00 3,335 4,753 1.70%
2022 January $74.83 3,159 4,316 1.70%
February $80.66 2,813 4,541 1.32%
SOURCE: Elliman Report, February 2022, Manhattan, Brooklyn and Queens Rentals.
*NOTE: 2021 data reflect expanded collection of listing data
* February data from Streeteasy.com show the number of apartments available for rent citywide has dropped to 23,880 housing units, the lowest inventory since the start of the pandemic in Spring 2020 (Chart 4).
* Citywide median asking rents continued their ascent in February, rising by $80 since January. The current median asking rent of $2,975 represents a 10% increase since October and November of last year (data are not seasonally adjusted).


** Chart 4
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SOURCE: Streeteasy.com
* CoStar reports roughly 126 million square feet of office space is available for lease in New York City as of April 1^st, 2022, showing slight month to month increases since the beginning of this year, but down from peak availability in 2021 (Chart 5).
* Average asking rents continue a slight upward trend from the beginning of the year at roughly $66 per square foot as of April 1^st.


** Chart 5
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SOURCE: CoStar
* During the final quarter of 2021, the availability rate for retail space declined or was unchanged in nine of 11 Manhattan submarkets, compared to the same quarter one year ago (Table 5). Rates ranged from about 17% on the Upper West Side and Third Avenue/Upper East Side to more than 30% in Herald Square and on Madison Avenue.
* Compared to the pre-pandemic fourth quarter of 2019, the retail availability rate has worsened in seven of the 11 submarkets.


** Table 5: Manhattan Retail Availability Rate
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Submarket Q4 2019 Q4 2020 Q4 2021 % Point Change from 2020 % Point Change from 2019
Fifth Avenue (42nd–49th Streets) 14.8% 24.1% 24.1% 0.0% 9.3%
Fifth Avenue (49th–60th Streets) 26.5% 23.2% 20.3% -2.9% -6.2%
Madison Avenue (East 57th–East 72nd Streets) 24.9% 39.2% 32.5% -6.7% 7.6%
SoHo (Broadway to West Broadway) 23.8% 29.5% 20.8% -8.7% -3.0%
Third Avenue (East 57th Street–East 79th Street) 17.6% 25.9% 17.2% -8.7% -0.4%
Times Square Bow Tie (Broadway and Seventh, 42nd–49th Streets) 27.5% 29.4% 20.6% -8.8% -6.9%
Upper West Side (Broadway and Columbus Avenue) 13.8% 19.6% 17.0% -2.6% 3.2%
Flatiron/Union Square West (Fifth, Broadway) 19.6% 28.3% 24.8% -3.5% 5.2%
Meatpacking 21.3% 27.3% 27.3% 0.0% 6.0%
Herald Square/West 34th Street (Fifth Avenue–Seventh Avenue) 26.2% 23.7% 35.6% 11.9% 9.4%
Lower Manhattan (Broadway, Wall, and Fulton Streets) 18.2% 23.5% 24.0% 0.5% 5.8%

SOURCE: Cushman & Wakefield.


** NYC Return to Office
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* The latest security card data from Kastle Systems show New York City area office occupancy continued to rise to 36.9% for the week ending March 30^th (Chart 6).
* Office occupancy in New York City is above San Francisco (where rates remain below 32%) but well below Houston, Dallas and Austin (where office occupancy climbed above 50%).


** Chart 6
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SOURCE: Kastle Systems, weekdays excluding Federal holidays through March 2nd 2022
* The latest Google mobility data show time spent at New York City workplaces rose through March. As of March 26^th, time spent at workplaces was down 25% from pre-pandemic levels (Chart 7).


** Chart 7
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SOURCE: GPS mobility data indexed to 1/3/2020 to 2/6/2020, from Google COVID-19 Community Mobility Reports.
* February data from the Current Population Survey show the share of New Yorkers working from home due to COVID declined back to 21.4% – the lowest since the start of pandemic and down from 26.9% in January, reflecting the decline in Covid cases (Chart 8).


** Chart 8
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SOURCE: Current Population Survey, COVID Supplement
* MTA subway and bus ridership improved in February and March, with average weekday ridership reaching 57% of pre-pandemic volume on the subways and 62% on MTA buses in March (Chart 9).
* After a temporary drop in January, weekday vehicle traffic on MTA bridges and tunnels returned to near pre-pandemic levels in February and March, even as gas prices continued to rise (see spotlight).
* This MTA data continues to reflect a substantial modal shift away from mass transit and toward private vehicles. With vehicle traffic now at 98% of pre-pandemic levels, and only 37% office occupancy, it is reasonable to anticipate that traffic volumes could grow well above pre-pandemic levels as office occupancy returns.


** Chart 9
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SOURCE: Metropolitan Transportation Authority, Day-by-Day Ridership Numbers.
NOTE: Excludes federal holidays. The MTA has not published daily ridership numbers for the Long-Island Railroad or Metro-North Railroad since the end of February 2022.
* The city’s biking boom finished strong in 2021, with bike traffic on the four East River bridges increasing 93% in December 2021 over the same month in 2019 (Chart 10). An end-of-the-year surge in biking followed the mid-September opening of a dedicated bike lane on the Brooklyn Bridge.
* December volume increased on all four East River bridges but was up 190% on the Brooklyn Bridge, rising from 16,139 in December 2019 to 46,732 in December 2021.
* Biking volumes in January were closer to pre-pandemic levels, likely due to several winter storms, frigid temperatures, and Omicron’s impact on commuting and gatherings.


** Chart 10
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SOURCE: New York City Department of Transportation, Bicycle Counts.
Note: Includes the Brooklyn Bridge, the Ed Koch Queensboro Bridge, the Manhattan Bridge, and the Williamsburg Bridge.


** NYC Business and Tourism
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* Broadway revenue rose steadily through March to $26.6 million the week of March 20^th, and 92% of seats were sold, suggesting strong demand by theatre goers (Table 6).
* Three new shows opened for previews by the third week of March bringing the total number of shows to 22 with another five opening in the rest of March and two in April according to Playbill. ([link removed])


** Table 6: Broadway Performance Metrics
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Week Ending Gross Attendance % Capacity Performances Shows
10/24/2021 $22,164,602 176,083 85% 174 26
10/31/2021 $19,663,438 168,169 78% 183 27
11/7/2021 $22,854,595 193,303 82% 207 30
11/14/2021 $25,565,641 214,681 86% 214 31
11/21/2021 $25,076,830 212,819 80% 227 32
11/28/2021 $32,543,570 238,354 83% 245 33
12/5/2021 $26,214,735 210,795 83% 217 29
12/12/2021 $30,533,809 240,602 85% 235 32
12/19/2021 $22,511,627 184,227 83% 191 31
12/26/2021 $14,069,739 100,956 75% 118 22
1/2/2022 $26,306,652 179,036 74% 201 20
1/9/2022 $18,251,734 156,986 62% 204 27
1/16/2022 $18,496,689 162,566 66% 196 25
1/23/2022 $16,949,289 152,135 75% 159 21
1/30/2022 $15,038,225 139,584 74% 147 19
2/6/2022 $16,909,848 152,557 81% 147 19
2/13/2022 $18,939,840 165,971 87% 148 19
2/20/2022 $21,835,116 173,184 90% 149 19
2/27/2022 $23,004,259 177,701 92% 145 19
3/6/2022 $19,746,606 153,269 78% 149 19
3/13/2022 $22,366,006 168,999 85% 153 20
3/20/2022 $26,657,435 196,039 92% 169 22
SOURCE: The Broadway League
* Revenue per available hotel room (RevPAR) started to climb to $102 in February and $146 in March (through 19^th) after declining to $70 in January (data are not seasonally adjusted). RevPAR was significantly above the levels of $56 in February and $63 in March of 2021 (Chart 11).
* Total hotel room demand rose to 1.8 million in February, above the previous month and February 2021, but still short of the 2.8 million before the pandemic in February 2020.


** Chart 11
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SOURCE: STR via CoStar
* Data on hotel occupancy taxes through the first quarter of 2022 confirms that while there has been significant improvement, the recovery is only partial (Chart 12).
* In the latest two quarters, hotel revenues totaled $84.4 and $98.2 million respectively. Looking at comparable periods in 2018 Q4 and 2019 Q1, revenues are 58% lower than they were pre-pandemic.
* The hotel occupancy tax was suspended in 2021 Q3, resulting in an estimated revenue loss of $60 million.


** Chart 12
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SOURCE: Office of the Comptroller/ Financial Management System (FMS)
* Data from OpenTable show New York City restaurant reservations for the week ending March 28^th are down 42% from pre-pandemic levels but have recovered substantially from early January when they were down as much as 81% (Chart 13).
* Excluding restaurants that have closed, seated diners at restaurants open for reservations (not shown) continue to grow and reached 84% of pre-pandemic levels in March 2022, compared to March 2019.


** Chart 13
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SOURCE: OpenTable.com
* After the Omicron variant disrupted travel plans in January, air travel improved in February. Nationwide, airport passenger volumes were 16% below pre-pandemic levels, similar to the performance recorded in November and December of 2021 (Chart 14).
* In the New York City area, airports handled 7.1 million passengers in February, about 23% less than the same month in 2019.


** Chart 14
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SOURCE: Port Authority of New York and New Jersey and the U.S. Transportation Security Administration.


** City Finances
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* The City’s central treasury balance (funds available for expenditure) stood at $8.96 billion as of Thursday, March 31^st. At the same time last year, the City had $12.07 billion (Chart 15).
* The Comptroller’s Office’s review of the City’s cash position during the second quarter of FY 2022 and projections for cash balances through June 30^th, 2022, are available here ([link removed]) .
* On a modified accrual basis, tax revenues in February 2022 were $355 million above NYC OMB’s projections. Preliminary data on March tax revenues show personal and business taxes significantly above projections.


** Chart 15
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SOURCE: Office of the NYC Comptroller


** Spotlight
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** Rising Gas Prices and their Impact on NYC’s Households and Finances
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Amidst both the long-term impact of supply-chain constraints and the more recent backdrop of Russia’s invasion of Ukraine, gasoline prices have seen sharp recent upticks, placing strains on household and public budgets.

Locally, in the New York Metropolitan Area, average weekly gasoline prices have been well above year-over-year benchmarks for each of the last 52 weeks. In Chart S.1 below, average weekly gasoline prices over the last 52 weeks are plotted in purple next to the price from the same week in the prior year in orange and the black line illustrates the percentage increase from year-to-year. As the chart illustrates, the average weekly gasoline price, which was approximately $2.23 per gallon at the start of the pandemic in late March 2020, has now nearly doubled to $4.22 per gallon as of the week of March 21, 2022. Although the price at the pump is currently around its peak since the start of the pandemic, the largest proportional increase in the last year occurred in early November, just prior to the Omicron wave.


** Chart S.1
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SOURCE: New York State Energy Research and Development Authority (NYSERDA)

As of March 21, 2022, gasoline prices in the New York Metropolitan area have risen 49.5% from a year ago, but the recent increase is not yet reflected completely in the inflation rates in Charts 1 and 2 above that are as of February 2022. In addition, because New Yorkers tend to rely on public transit more than other parts of the country, gasoline prices factor less in the region’s CPI calculation compared to other areas.

Nonetheless, for many New Yorkers, automobile dependence is a reality, and for some, rising gasoline prices will be a substantial increased expense, especially among households in neighborhoods outside of Manhattan where public transportation options may be limited, as illustrated in the map below. Recent estimates from the 2020 American Community Survey indicate that out of 55 neighborhoods citywide, there are 24 neighborhoods (44 percent) where more than half of all households have one or more available vehicles and there are five New York City neighborhoods were at least 80 percent of households have one or more vehicles. The rate of household vehicle availability is greatest in Tottenville, Great Kills and Annadale on Staten Island’s South Shore (94 percent) and lowest in East Harlem (16 percent).[1]
([link removed])

As noted above in Chart 9, vehicle crossings at the MTA’s bridges and tunnel have returned to 98 percent of pre-pandemic levels, and vehicle volumes have stayed high through the end of March, relative both to office occupancy (at 37%) and subway (57%) and bus (62%) volumes, even as gas prices have risen.


** S.2 - Map of Vehicle Availability in New York City Neighborhoods
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[link removed]

SOURCE: New York City Comptroller's Office from Census Bureau microdata

Rising gasoline prices also have a potential impact on New York City’s finances. The City operates a vast fleet of more than 31,000 vehicles that are used by over 50 different agencies. Much of the gasoline procured by the City is purchased on a contractual basis by the Department of Citywide Administrative Services. Municipal fuel consumption had been greater than 30 million gallons in FY 2013,[2] ([link removed]) however, by
Fiscal Year 2021, the municipal fleet had reduced fuel usage by 14 percent, consuming 25.8 million gallons of gasoline. Agency vehicles are currently on pace to consume even fewer gallons of gasoline in FY 2022, according to the Preliminary Mayor’s Management Report (PMMR) for FY 2022.

New York City has taken steps to reduce its dependence on gasoline and reduce its carbon footprint through the purchase of electric and fuel-efficient vehicles and through the expansion of a network of electric vehicle charging stations. Some of the recent 14 percent decrease in municipal fuel consumption can be attributed to reforms made under Local Law 75 of 2013 which has spurred a jump in fuel economy of light and medium non-emergency vehicles in the City’s fleet from 51 miles per gallon in FY 2015 to 102 miles per gallon in FY 2021.[3]
([link removed])

To date, since the start of FY 2022 on July 1^st, the City has averaged just over 28,000 vehicles in service each day.[4] ([link removed]) Agencies with the largest fleets include the NYPD (9,655 vehicles), the Department of Sanitation (6,022 vehicles) and the Department of Transportation (4,018 vehicles). According to the PMMR for FY 2022, as of October 2021, there are 3,159 electric vehicles in the citywide fleet (just over 11%),
and roughly 19,000 hybrid or alternative fuel vehicles in total, now comprising approximately two-thirds of the citywide fleet. This shift will lessen the impact of gas price increases to the City over the coming months.

[1] ([link removed]) Each year, the American Community Survey poses the following question to measure access to transportation: “How many automobiles, vans, and trucks of one-ton capacity or less are kept at home for use by members of this household”?

[2] ([link removed]) NYC Fleet Newsletter, August 6, 2021 ([link removed])

[3] ([link removed]) Local Law 75 Report, Fiscal Year 2021 ([link removed])

[4] ([link removed]) NYC Fleet Daily Service Report for March 29, 2022 ([link removed])


** Contributors
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The Comptroller thanks the following members of the Bureau of Budget for their contributions to this newsletter: Selçuk Eren, Senior Economist; Steve Corson, Senior Research Analyst; Tammy Gamerman, Director of Budget Research; Orlando Vasquez, Economist; Steven Giachetti, Director of Revenues; Irina Livshits, Chief, Fiscal Analysis Division; Marcia Murphy, Senior Economist; Eng-Kai Tan, Bureau Chief – Budget; and Francesco Brindisi, Executive Deputy Comptroller. He also thanks Louise Yeung, Chief Climate Officer and Jamie Statter, Director of Climate Infrastructure for their feedback on the Spotlight.

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