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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 ...

Manhattan's Declining Share of Jobs
A report by the Center for an Urban Future finds that Manhattan has seen a steady decline in private sector jobs since 1958, while other boroughs have seen a slow but steady increase. The report states that Manhattan has recently "taken a disproportionate and perhaps permanent hit" with the loss of financial sector jobs. The report predicts Manhattan will rebound from the hit but is not likely to see as large of a share of jobs as it did decades ago. (June 23, 2009)

NYC is Green Collar Ready
Two new reports by by the Political Economy Research Institute at the University of Massachusetts, Amherst (PERI), Center for American Progress (CAP), Green For All, and the Natural Resources Defense Council (NRDC) show how investments in clean-energy economy could positively impact the American economy, creating more jobs for lower-income workers in addition to lowering energy and transportation costs. As clean energy and climate legislation moves through Congress, new data show that a $6.7 billion investment in New York City would create 62,949 new jobs. (June 22, 2009)

Manhattan's Share of Employment
Although Manhattan still holds the vast majority of private sector jobs in the city, it has gradually accounted for less and less, according to the Center for an Urban Future. In 1958 Manhattan had nearly 68 percent of such jobs. But last year, that number was below 62 percent. (June 18, 2009)

2008 Was Record Year for Construction
Construction spending reached $31.8 billion in 2008, a record despite economic woes. About half of that spending was on public sector projects. (June 11, 2009)

Green Jobs and Green Homes
New York should create a retrofitting program to make residential housing more energy efficient according to this report by the Working Families Party and a national group called American Progress. They say that 60,000 years worth of green jobs could be created, $1 billion saved through lower energy bills, and residential energy consumption reduced by 30 percent to 40 percent. (May 28, 2009)

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 Economic Development Corporation
Offers an "economic snapshot" that highlights recent information about New York City employment, consumer spending and real estate.
NYC Workforce Investment Board
Provides timely reports about New York City’s workforce and economy.
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.
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.

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