NYC Comptroller Report: The State of the City’s Economy and Finances

In 2023, the city’s economy outperformed the expectations of the New York City Comptroller’s Office and most other economic forecasters by several key measures according to the report released in the final weeks of December. Assessments by the Comptroller’s Office indicate that job numbers returned to prepandemic levels; wage earnings grew at a healthy 5.2%; population losses have narrowed; and tourism is well on its way to returning to its previous peak volume. However, progress was far slower in the commercial real estate sector and New Yorker’s overall income per capita lowered in 2022 due in part to the expiration of the federal transfer programs of 2020 and 2021 and job gains currently concentrated in the low-wage components of home healthcare and social assistance within the Health Services sector. While New York City’s economic growth is anticipated to continue at a moderate pace, it is below the strong growth trajectory in the years before the pandemic; and although tax revenues are projected to exceed currently budgeted projections, it will not be sufficient to close the budget gaps the city is facing.