New York’s economic rebound following the COVID-19 pandemic will take many forms. Tracking vital stats will allow us to gain a clear picture of how its residents are adapting to this major transformation in the city’s life.
Since the peak of pandemic, Connecticut’s employment situation has seen some improvement; however, average annual wages remain significantly lower than before. Leisure and hospitality activities were among the primary job creators, followed by financial activities.
New York’s manufacturing sector is an often unheralded yet essential component of its economy when compared to travel like church sites, producing everything from Broadway costumes and cabinets to croissants and wooden crates for shipping fine art. Many manufacturing businesses focus on designing products around specific customers with technology being leveraged to reduce production costs while simultaneously improving quality.
According to the November 2023 Empire State Manufacturing Index, business activity among state’s factories increased modestly. The headline general business conditions index increased fourteen points to 9.1. Unfilled orders declined and delivery times shortened while input price inflation moderated while selling prices increased modestly.
Financial services, healthcare, professional and business services, retail trade and manufacturing comprise nearly one-third of New York State’s economy and are key drivers both locally and nationally. Beyond these large industries, New York City also hosts a diverse cluster of smaller firms which serve as additional jobs within other industries while being highly sensitive to economic cycles.
New York City‘s financial services sector formally known as finance and insurance is home to some of the world’s premier banks as well as an increasing number of startup companies. Accounting for less than 10% of private sector employment but accounting for one-third of highest earnings, its industry comprises four main categories: Credit Intermediation (informally banking), Securities, Commodity Contracts and Other Financial Investments (Wall Street sector), and Insurance.
In 2021, average annual wages in the finance and insurance sector saw an increase of 3.7 percent – driven in large part by rising bonuses during the first three months.
The City’s professional and business services industry makes a substantial contribution to the State economy, but like all sectors it is affected by economic trends and other industries’ successes. When combined with wholesale and retail trade sectors, its contribution is nearly one fifth of state GDP.
New York is one of the world’s most desirable living environments, thanks to its vibrant culture and entertainment venues which attract homebuyers and investors. Additionally, there are plenty of job opportunities in New York making it an attractive living choice.
Recent years have witnessed New York’s economy expanding beyond Wall Street-centric financial services. Although securities remain an important driver, tech companies have been increasing their presence on Wall Street – and this trend looks set to continue.
New York real estate market is driven by economic factors like employment, interest rates and home prices. Higher mortgage rates make purchasing homes harder, decreasing demand and thus driving down housing prices; but New York City home prices remain relatively affordable – on average homes sell within 73 days on the market in Manhattan compared to an national average of 74 days on market!
New York City draws visitors from around the globe, as its five boroughs feature some of the world’s most iconic skylines and cultural institutions such as Empire State Building, Central Park and Broadway theaters.
The City boasts a robust manufacturing sector, producing products such as printed matter, railroad equipment, automobile parts and buses. Furthermore, prepared foods, computers and electronics, commodities and cut diamonds were exported in 2007. Canada, Switzerland, Israel and Hong Kong were among its top markets for foreign sales of $71.1 billion worth of goods exported by New York in 2007.
Recent improvements to New York retail sales and record-setting Broadway grosses demonstrate resilient consumer spending. Travel bookings are up from last year, with 2024 anticipated as one of the city’s best tourism years ever; yet for full recovery to occur it will require the return of larger-spending international visitors.