Economic Development and Affordability: New York Data Report
Primary focus: empirically grounded, citywide and statewide quantitative indicators including labor, inflation, taxation, education, business formation, cost, and social mobility. All metrics reflect most recent available; projections labeled as such.
Key Economic Performance Indicators
| Year | NYC Real GCP Growth | US Real GDP Growth | NYC Nonfarm Emp. Growth | US Nonfarm Emp. Growth | NYC Inflation Rate | US Inflation Rate |
|---|---|---|---|---|---|---|
| 2019 | 2.6% | 2.5% | 2.1% | 1.3% | 1.7% | 1.8% |
| 2020 | -4.2% | -2.2% | -10.7% | -5.8% | 1.7% | 1.2% |
| 2021 | 5.5% | 5.8% | 2.2% | 2.9% | 3.3% | 4.7% |
| 2022 | 2.6% | 1.9% | 7.2% | 4.3% | 6.1% | 8.0% |
| 2023 | 2.8% | 2.5% | 2.6% | 2.3% | 3.8% | 4.1% |
| 2024* (proj.) | 3.6% | 2.5% | 1.5% | 1.4% | 4.2% | 3.3% |
| 2025* (proj.) | 1.9% | 1.4% | 1.6% | 0.1% | 1.6% | 2.1% |
*2024/2025 projections per NYC OMB, NYS Assembly W&M[1][6][8][10]. NYC is projected to outgrow the US in 2024-25 in both GCP and employment, with lower inflation in 2025 due to policy and market normalization.
Labor Market and Income
| Value | YoY Δ | |
|---|---|---|
| Unemployment rate | 4.1% | -1.1 pts |
| Labor Force Participation | 62.3% | +0.5 pts |
| Total nonfarm employment | ~4.23M | +1.5% |
| Private sector jobs added | +6,300 (Apr) | |
| Employment-population ratio | 58.5% | Record high |
| Value | |
|---|---|
| Median household income | $76,600 |
| Real wage growth (YoY) | +2.1% |
| Female labor force % | 53.4% |
| Population under 18/over 65 | 20.2% / 18.6% |
NYC labor force stats from May/June 2025, NYC OMB/NYC Comptroller/NY Fed[3][4][5][7].
Affordability: Housing and Cost Benchmarks
| Metric | 2023 | 2024 | 2025 YTD | Change (2yr) |
|---|---|---|---|---|
| Median Rent, Manhattan | $3,260 | $3,440 | $3,650 | +12% |
| % Renters “Cost Burdened” (>30% inc.) | 45% | 46% | 47% | +2 pts |
| Gross occupancy rate (all apts.) | 97.0% | 98.1% | 98.5% | +1.5 pts |
| Affordable units started (city programs) | 19,857 | 22,106 | 10,442 | - |
| Shelter population | 103,000 | 112,000 | 116,000 | +13K |
Median rent continues historic climb; nearly half of renters cost burdened. Vacancy at record low. Shelter population up ~13% since 2023 despite efforts at expansion and fiscal support[2][3][4].
Taxation, Inflation Refunds, and Child Tax Credit
| Policy | Annual Budget | Households/Children Affected | Avg. Benefit | Distribution Note |
|---|---|---|---|---|
| Middle Class Tax Cuts | $1.3B | 8M+ | $355/household | Permanently expanded |
| Inflation Relief Checks | $3.6B | 5.5M | $425/family | 2025 only |
| Expanded Child Tax Credit | $820M | 2.7M children | Up to $1,000/child | Phased-out >$120k |
2025 City Tax Revenue Sources
| Tax | 2025E Revenue | YoY % Change |
|---|---|---|
| Personal Income Tax | $15.7B | +20.4% |
| Business Taxes | $8.1B | +11.0% |
| Property Tax | $34.4B | +4.5% |
NYC's total revenue and social transfer strategy is large even relative to most global peer cities.[3][6][8]
Education and Community College Access
| 2021 | 2025 YTD | Change | |
|---|---|---|---|
| Free Community College - adult students | n/a | 180,000 | Program Start |
| Average CUNY/SUNY tuition savings | n/a | $5,220 | New |
| Student loan borrowers (NYC) | 1,220,000 | 1,184,000 | -3.0% |
| Average debt per borrower | $30,965 | $31,950 | +3% |
| CUNY graduation rate | 34.9% | 38.6% | +3.7 pts |
First-in-nation scale for free adult community college. NY’s public education investments are paired to workforce demand in select fields (tech, healthcare, trades)[3][5][7].
Small Business, Zoning, and 'City of Yes'
| Year | New Business Licenses | Net Formation | VC Funding ($B) | Eligible for City of Yes |
|---|---|---|---|---|
| 2023 | 19,000 | +7,800 | 6.4 | n/a |
| 2024 | 22,800 | +400 | 5.9 | 10,800 |
| 2025 (YTD) | 13,400 | –340 | 3.7 | 22,000+ |
New zoning allows tens of thousands more small/mid businesses to open or expand. 2025 VC flows: 11.2% US total. Real estate repurposing and AI sector hiring (especially in Midtown/Downtown) drive stability post-Covid[1][2][3].
Workforce Development
| Initiative | State Investment | Annual Graduates | Main Target Sectors |
|---|---|---|---|
| Workforce Centers | $200M | 24,500 | Tech, Healthcare, Green, Construction |
| Adults in Reskilling programs | -- | 41,000 | Various |
Each $1M spent yields $2.3M+ lifetime wage gain for graduates. Youth unemployment, 16–24, remains +13.1% (well above average). Employer demand is still outstripping skilled supply in tech, green energy, and licensed healthcare[1][6][7].
Migration, Demography, and Sectoral Notes
| Metric | 2023 | 2024 | 2025 YTD/Proj | Δ |
|---|---|---|---|---|
| Net International Migration | +49,000 | +54,000 | +61,000 | +24% |
| Population (NYC) | 8,390,100 | 8,393,200 | 8,480,000 | +1.1% |
| Cash reserves (city, May) | $7.9B | $8.9B | $11.1B | +40% |
| Office vacancy | 15.4% | 15.0% | 14.8% | -0.6 pts |
- AI and Tech sector jobs +54,000 since 2018, now 9% of city GCP (up from 6%).
- Tourism and subway/bus ridership have rebounded to >93% and >89% of pre-pandemic levels, respectively (weekends nearly at parity, weekdays lag slightly)[1][3].
- Healthcare and social assistance largest jobs sector, followed by tech, retail, and business services.
Most migration growth due to international arrivals; domestic outmigration has stabilized. NYC’s labor pool skews younger and more diverse than US average. Real estate is being repurposed for office-to-residence conversion, driven by both market and municipal incentives[1][3][4][5].
July 2025. Data: NYCEDC, NYC Comptroller[1][2][3][4][5], NY State Assembly[6][8], BLS/NYDOL[7][9], New York Fed[5].
