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 8.6 million that is ethnically and culturally diverse. Its economy is the largest in New York BRONX State and among the largest in the world. Nearly 70 percent of households rent N A T their homes, many of which are rent-stabilized. Land prices and thus home T A H N A prices are exceptionally high—particularly in or near prime areas of Manhattan. M The Great Recession was less severe in New York City than in most of the QUEENS nation, and since then, the City has experienced its strongest economic boom in decades, with much of this growth seen in the City’s outer boroughs. The BROOKLYN recent growth has come with little contribution from the securities industry, STATEN which had historically been a key driver of economic expansions. Many ISLAND different sectors, including leisure and hospitality, education and health, New York and construction, have seen robust job growth, and employment in the City relatively well-paying tech cluster has expanded sharply. These 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 2019 8,337,000 1,678,000 2,834,000 19,454,000 328,240,000

Population growth 2019, 10-year change -0.7% 3.3% 0.5% 0.8% 7.0%

GDP 2019, billions $1,065 $124 $197 $1,772 $21,433

Job growth 2019, 5-year change 12.0% 6.3% 4.3% 7.4% 8.6%

Median household income 2019 $69,000 $90,200 $112,000 $71,600 $65,000

Median home price 2019 $650,000 $350,000 $450,000 $320,000 $230,000

Population share age 25+ with BA+ 2019 39.2% 45.3% 42.6% 37.8% 33.1%

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.

Annual Employment Change by Metro Area Percent 12

r August 2021 h y m v c t i c a i 9 t s D s n

C s t s

o W P u r e - n k - t t d P d r s o n r - e a l 6 n l n t t l s e s k o a e n w M t a l S s

m c d d s

o o Y s F o s l e k a

y l I R t H t u d r e a e r a - h - h s a s i n c e a

3 a r c h e g f c w f i g n t g n a g a c t r i a f c t w r n i i n g e b n e n a m n h l l u t o i r u r e y i l o a t 0 U W I G A S B U R B E L O F D K N B N n c O -

-3 h t -5.1 n M

-6 - x s l d

-9 M

-12

-15 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 15 July 2021

12 10.5

9 r

6 h y m v c t i n c a i t c D s s n

C t s O s

o W - u P r e - n k - t h t d P d r t s o e r - n a n l l n t t n l e s s k o e a w M 3 n t a l S s c d m d M s

o o s Y l o F s k e - a t l y R t H I u d r e a e

r a x - h - h i a s s c n e a r a h c e g f s f w c i g n t g n a a g l t r c i f c a t w r n i i n g e n b e n a m d n u t l i o l h r u r e y i l a o t 0 U W B U E G B S R A I N F O K L D B N M Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com.

Population Employment Thousands Thousands 8,680 4,800

8,510 4,475

4,201 8,337 Aug 8,340 2019 4,150

8,170 3,825

8,000 | | | | | | | | | | | | 3,500 | | | | | | | | | | | | 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 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 4,280 20

16 4,110

3,998 12 Aug 10.2 3,940 Aug

3,770 4

3,600 | | | | | | | | | | | | 0 | | | | | | | | | | | | 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com. Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com.

Finance Employment Leisure & Hospitality Employment Thousands Thousands 500 490

480 430 470 2020

460 370

440 310 274 2020 420 | | | | | | | | | | | | 250 | | | | | | | | | | | | 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 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 1,120

1,004 750 990 2020 710 2020

675 860

600 730

525 | | | | | | | | | | | | 600 | | | | | | | | | | | | 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com. Sources: U.S. Bureau of Labor Statistics; Moody's Economy.com.