NYS Budget Gap Narrowed by Wall Street Gains

Profit gains within New York City’s securities industry grew by 90% in 2024 on a year-over-year basis according to the October report released by the New York State Comptroller’s (OSC) office. The total $49.9 billion reach is the fourth-highest level on record; and profits reached in the first half of 2025 totaled $30.4 million and on track to potentially reach an annual total above $60 billion if the growth rate holds steady in the second half of the year. Contribution to the city ‘s budget in FY 2025 was $6.7 billion — up 35.1% year-over-year and a total of $22 billion was contributed to the state’s SFY 2024-25 budget, up a more moderate 12% year-over-year. According to a separate news article by Crain’s New York, increased contributions by the securities industry helped reduce the state’s “budget gap for the next fiscal year, beginning April 1,” by more than $3 billion from the “$7.5 billion when the current budget was enacted in May, according to the state’s mid-year financial plan update released Friday [October 31st].” City employment in the sector reached 201,500 jobs in 2024 —surpassing the previous record set in 2000, however, preliminary data compiled by the OSC’ office indicate a potential decline of 3,000 jobs in 2025.

Source:    https://www.crainsnewyork.com/economy/wall-street-boom-reduce-new-york-budget-deficit-3-billion

Source: https://www.osc.ny.gov/files/reports/pdf/report-15-2026.pdf