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The Topic
Covers short and long-term trends in the New York City economy and how they play out for workers and businesses.
The Context
Through their labor and entrepreneurial efforts, four million workers and business owners in New York City add roughly $575 billion in value to the goods and services they produce each year. The city is a national and international center for finance, fashion, media, culture, engineering and construction, and professional and business services. The ups and downs and structural trends in the city's ever-changing economy are shaped by various forces, including Federal Reserve monetary and national fiscal policies, global trade and financial developments, and broader changes shaping employment and compensation practices and the distribution of income.

Researching Economy ...

Job Growth Ranked by ZIP Code
In a ranking of job growth by ZIP code, the Center for an Urban Future has found that the outer boroughs had the largest percentage job gains while lower Manhattan performed the worst. Fifteen of the 40 ZIP codes with the largest gains were located in Queens. Four of the five ZIP codes with the worst job losses were in lower Manhattan. (September 4, 2008)

Internet Sales Tax Lost
A recent report from the Independent Budget Office reveals half of the e-commerce purchases by New York City residents would be taxable at about $2.2 billion. These sales should create $173 million in revenue, of which $82 million could go to the city. From July 2006 through June 2007, the city lost about $29 million in revenue because these local taxes were not collected on Internet sales. (September 3, 2008)

Unemployment Strain
As of July 2008, 500,000 workers were unemployed across the state, according to a new report by the Fiscal Policy Institute. That is 56,000 more workers than the same period last year, and unemployment claims are up to 25 percent higher, it said. But the state's unemployment system isn't adequately funded, nor are its benefits large enough, to support New Yorkers out of work, the report said. (August 28, 2008)

New York Jobs
New York State lost jobs in July, the fifth month this year that the state recorded a decline in jobs, according to data released by the state Labor Department. In the last 12 months, the number of non-farm private and public jobs in the state has increased by 22,400, or 0.3 percent. The city has fared somewhat better, with a 0.7 percent rise in the number of jobs. (August 20, 2008)

Construction Costs
Non-residential construction costs in the city are much higher than similar construction in other large cities across the nation, according to an analysis by the New York Building Congress. The report finds that New York is over 60 percent more expensive than Dallas; 50 percent more than Atlanta; 25 percent more than Seattle; and 20 percent more than Los Angeles. Costs are now 50 percent higher than four years ago, it said. (August 14, 2008)

Fiscal Policy Institute
A nonpartisan research and education organization that strives to increase understanding of issues that affect the quality of life and economic well-being of New York state residents, it offers sector studies, labor market profiles, and The State of Working New York annual volumes
NYC Workforce Investment Board
Provides timely reports about New York City’s workforce and economy.
NYC Economic Development Corporation
Offers an "economic snapshot" that highlights recent information about New York City employment, consumer spending and real estate.
NY State Division of the Budget
Offers links to various executive budget documents and information and a detailed analysis of the state economy and how it affects tax revenues.
NYC Independent Budget Office
Established in 1996 and charged with enhancing public understanding of the City's budget. Everything from analyses of the Mayor's budget to reports on taxes on the poor and utilities. Interactive tax receipt tells you how much you spent on each government service is highly recommended.
NY Federal Reserve Bank
The Fed’s regional economy section analyzes local economic growth, labor markets, real estate, and public finance issues. Also provides reports on current topics, such as the cost of homeland security.

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