New York City’s monthly economic-conditions reports has some good nuggets of information about the local economy.

The report is yet another reminder that since the credit bubble burst, the city has done better than the rest of the country in losing fewer jobs and getting them back faster.

Between 2008 and 2009, New York City lost 112,000 private jobs (other reports, which break employment levels out by month rather than quarter, put the total higher, at around 130,000). The city has since gained about 90,000 back.

Employment today is only 1.6 percent below the August 2008 peak (New York peaked later than the rest of the country — Wall Street was the last, or second-to-last, to get the message that the mortgage monster had died).

President Obama would love to see these numbers: the nation as on the whole has replaced only 20 percent of its lost jobs.

Also notable: the headcount in leisure, hotels, and retail is now at a record, with hospitality (think hotel) jobs 3 percent above their bubble peak. Thanks, global tourists.

Doing poorly still locally? Construction, down 16 percent from the peak — and finance, still down 8 percent. Even though financial profits are back, the people aren’t there.

You may also like

NYC’s out-migration fueled NY state’s record population drop in 2020-21

A huge outflow of residents from New York City accounted for nearly all of New York State's record single-year population loss following the Covid-19 outbreak Read More

As a Supreme Court Ruling Loomed, Cuomo Bent His Own Rules on COVID ‘Clusters’

In the midst of the constitutional showdown over his pandemic policies, Governor Cuomo made changes to a disputed Brooklyn 'cluster zone' that seemed to contradict his own declared guidelines. Read More

In Pandemic Recovery, New York’s Tax Base Is More Fragile Than Ever

New York's exceptionally wealthy state tax base is also exceptionally fragile, due to its heavy dependence on the highly volatile (and portable) investment-driven incomes of Wall Street workers and fund managers. Read More

De Blasio’s (Apparent) Good Move Dissolves Into Phony “Savings”

Late Thursday, as hailed in this space, Mayor de Blasio finally made a decisive move—or at least seemed to make a move—in the direction of actually saving some money on labor costs by getting tough with a powerful (and powerfully self-entitled) municipal union. Read More

A grim toll gets worse

The full toll of the coronavirus pandemic in New York is likely thousands higher than the official death tallies, according to newly released federal data. Read More

Why New York?

#NYCoronavirus: It's increasingly apparent that New York is suffering more severely from the coronavirus pandemic than any other part of the U.S. and most of the rest of the world – raising stark questions for city and state leaders. What is it about New York, and especially New York City, that made it especially vulnerable to infection and death? And how can that be changed before the next virus breaks loose? Read More

A first look at de Blasio care

New York City Mayor Bill de Blasio made a splash this morning by announcing a plan "to guarantee health care" for every city resident. Although his office called it "the largest, most comprehensive plan in the nation," the proposal appears – based on limited details provided so far – to be a relatively modest expansion of existing safety-net programs. Read More

Single payer, double standard

The New York City Council's vote of support on Tuesday for a statewide single-payer health plan showed curious timing from a fiscal point of view. Two weeks before, sponsors of the New York Health Act told union officials that they were changing the bill in ways that could cost the city billions of dollars per year. Details of these high-stakes changes won't be available until next month, yet Council members chose to back the measure anyway – effectively endorsing a blank check. Read More

Subscribe

Sign up to receive updates about Empire Center research, news and events in your email.

CONTACT INFORMATION

Empire Center for Public Policy
30 South Pearl St.
Suite 1210
Albany, NY 12207

Phone: 518-434-3100

General Inquiries: Info@EmpireCenter.org

Press Inquiries: Press@EmpireCenter.org

About

The Empire Center is an independent, non-partisan, non-profit think tank located in Albany, New York. Our mission is to make New York a better place to live and work by promoting public policy reforms grounded in free-market principles, personal responsibility, and the ideals of effective and accountable government.

Empire Center Logo Enjoying our work? Sign up for email alerts on our latest news and research.
Together, we can make New York a better place to live and work!