NYCEDC Report: New York City Economic Snapshot | July 2024

The July 2024 report released  by the New York City Economic Development Corp. (NYCEDC) provides the latest data assembled from key sources that the nonprofit organization “charged with driving the city’s economic growth” tracks most closely in measuring the strength of NYC’s economy. Some key takeaways from the report reveal that 42,000, or 1 in 5 businesses currently operating in the city, which employ about 316,000 workers, or 1 in 14 of all NYC private sector jobs were started during the Adams Administration that began January 1, 2022. However, Q4 2023 data indicates that the 4,500 new businesses started from October through December was nearly 17% lower than the 5,400 new businesses started in the previous quarter, and nearly 37% below the 2019 average of 7,100. On a more positive note, the $7.715 billion in total venture capital (VC) funding in Q2 2024 surpassed the total dollar volume of both $5.393 billion in Q1 2024 and $5.063 billion in Q2 2019 by 43% and 52% respectively. Compared to other major U.S. metro areas New York City boasted the largest year-over-year employment growth of 120,800 between June 2023 and June 2024, Los Angeles following at a distance with 84,000 jobs added; and while on a non-seasonally adjusted basis represented a year-over-year increase of 1.2% in New York City versus 1.3% in Los Angeles. In a comparison of pre-pandemic employment from February 2020 through June 2024, New York City employment increased by 1.5% versus the employment decline of 0.1% in Los Angeles during the same period.

Source:    https://edc.nyc/sites/default/files/2024-07/NYC-Economic-Snapshot-July-2024.pdf