OSC Report: NYC Economic and Demographic Indicators in Relation to NYS
The recently released reference document by the New York State Comptroller’s Office (OSC) includes “major demographic, economic and fiscal indicators that highlight New York City’s contribution to the state.” Highlights within the report indicate that the city’s population, which has long accounted for more than 40% of the state’s population lowered from a share of 43.6% in 2020 to 42.4% in 2022, representing a 2.8% decrease in percentage. While the city’s share of households rose above the 2019 percentage following a lowering in 2021, the city’s share of owner cost burden rose from 31.7% in 2019 to 33.2%. In contrast, the city’s 2022 rent burden share lowered to 2019 levels following an increase in 2021. On an economic level, indicators provided by the OSC revealed a 40.4% lowering in the city’s share of jobs added — the city’s share falling from 102.1% in 2019 to 60.9% in 2022. Although the city’s share of total statewide wages lowered nominally from 59.7% in 2019 to 59.3% in 2022, there was a 27.5% increase in share of unemployed numbers during the same period. Wall Street wages, which is a critical driver of local and state personal income tax revenue rebound to 2019 levels after lowering in 2020, but the sector’s share of statewide employment lowered in both 2021 and 2022, reversed the rising percentage seen in 2019 and 2020.