New York City Economic Indicators
Comprising the five boroughs of Manhattan, Brooklyn, Queens, the Bronx, and Staten Island, New York
City has a population of around 8.3 million that is ethnically and culturally diverse. Its economy is
the largest in New York State and among the largest in the world. Nearly 70 percent of households BRONX
rent their homes, many of which are rent-stabilized. Land prices and thus home prices are exceptionally
high-particularly in or near prime areas of Manhattan-and housing affordability has been a long-
N
TA
AT
standing problem. The COVID-19 pandemic dealt a severe blow to the City's economy-especially in
NH
MA
Manhattan's central business districts. The City's population, which had dipped early in QUEENS
the pandemic, has rebounded; but as of mid-2022, employment had still not recovered from its
steep fall in early 2020. The office market has remained depressed but the residential BROOKLYN
real estate market has been tight. Prior to the pandemic, the City had experienced STATEN
its strongest economic boom in decades, with much of this growth seen in the City's ISLAND
outer boroughs. The relatively well-paying tech cluster has expanded strongly in
New York
recent years and has become an increasingly important sector, while the City's City
key securities industry has diminished somewhat in relative importance. These
and other trends have led to an increasingly diversified New York City economy in recent years.
NEW YORK ORANGE-ROCKLAND- LONG NEW YORK STATE USA
CITY WESTCHESTER* ISLAND*
Population 2023 8,258,035 1,739,094 2,904,885 19,571,216 334,914,895
Population growth 2023, 10-year change -2.8% 4.7% 2.1% -0.7% 5.5%
GDP 2022, billions $1,206 $150 $246 $2,048 $25,744
Job growth 2023, 5-year change 2.7% 0.4% -0.4% 0.3% 4.8%
Median household income 2022 $72,000 $98,000 $121,000 $76,000 $71,700
Median home price 2022 $724,000 $405,000 $550,000 $400,000 $321,000
Population share age 25+ with BA+ 41.3% 46.8% 44.7% 40.0% 35.7%
Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics; U.S. Bureau of Economic Analysis; IPUMS USA-University of Minnesota; New York Fed calculations.
Data retrieved through data.census.gov, Moody's Economy.com, or directly from source.
*Note: These are neighboring metro areas.
Research & Statistics Group Copyright 2024 Federal Reserve Bank of New York November 16, 2024 1
New York City Economic Indicators
Annual Employment Change by Metro Area
Percent
8
September 2024
6
4
2.5
Watertown
Syracuse
2
Rochester
Orng-Rckld-Wstchr
Buffalo
United States
Glens Falls
Brgn-Hdsn-Pssc
New York City
Dutchess-Putnam
Binghamton
Elmira
Utica
Ithaca
Kingston
Long Island
Fairfield
Mdlsx-Mnth-Ocn
Albany
Newark Metro Div
-2
-4
-6
Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com. Note: Data are early benchmarked by New York Fed staff.
Note: Employment change calculated as last 12 months over previous 12 months.
Unemployment Rate by Metro Area
Percent
8
September 2024
6
5.3
4
New York City
Orng-Rckld-Wstchr
Dutchess-Putnam
Newark Metro Div
Mdlsx-Mnth-Ocn
Brgn-Hdsn-Pssc
United States
Binghamton
Long Island
2
Glens Falls
Watertown
Rochester
Syracuse
Kingston
Fairfield
Buffalo
Albany
Elmira
Ithaca
Utica
0
Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com.
Research & Statistics Group Copyright 2024 Federal Reserve Bank of New York November 16, 2024 2
New York City Economic Indicators
Population Employment
Thousands Thousands 4,812
8,900 4,820 Sep
8,650 4,490
8,400 4,160
8,258
2023
8,150 3,830
| | | | | | | | | | | | | | | | | | | | | | | | | |
7,900 3,500
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024
Sources: U.S. Census Bureau; Moody's Economy.com. Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com; New York Fed calculations.
Labor Force Unemployment Rate
Thousands Percent
4,400 20
4,212 16
4,200 Sep
12
4,000
8
5.3
3,800 Sep
4
| | | | | | | | | | | | | | | | | | | | | | | | | |
3,600 0
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024
Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com. Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com.
Research & Statistics Group Copyright 2024 Federal Reserve Bank of New York November 16, 2024 3
New York City Economic Indicators
Finance Employment Leisure & Hospitality Employment
Thousands Thousands
520 490
503
2023 435
495 430 2023
470 370
445 310
| | | | | | | | | | | | | | | | | | | | | | | | | |
420 250
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024
Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com. Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com.
Professional & Business Services Employment Education & Health Employment
Thousands Thousands
825 1,200 1,177
800 2023
2023
750 1,050
675 900
600 750
| | | | | | | | | | | | |
525 600 | | | | | | | | | | | | |
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024
Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com. Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com.
Research & Statistics Group Copyright 2024 Federal Reserve Bank of New York November 16, 2024 4
