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The Region

Learn more about the communities we serve within the Second District—including New York State, the 12 northern counties of New Jersey and Fairfield County in Connecticut.

Features

Regional Indicators of Consumer Debt An interactive tool that allows users to view consumer debt held by borrowers in New York, New Jersey and Connecticut. The tool shows borrower level statistics for credit card debt, auto loans, student loans and other non-housing loans. New York Fed launches interactive regional indicators of consumer debt June 3, 2013

Household Debt and Credit Report - First Quarter 2013 The latest Quarterly Report on Household Debt and Credit shows households continued to improve their finances during the first three months of 2013. Outstanding household debt declined approximately $110 billion from the previous quarter, due in large part to a reduction in housing-related debt and credit card balances. Meanwhile, delinquency rates for each form of household debt declined, with about 8.1 percent of outstanding debt in some stage of delinquency, compared with 8.6 percent the previous quarter. May 14, 2013

2013 Small Business Borrowers Poll Results suggest the ability to access credit remains a widespread growth challenge for small businesses in the region, even among profitable firms. However, the percentage of discouraged firms, defined as not applying due to approval concerns, declined and more firms said they received all the credit they had applied for. New York Fed finds access to credit remains growth challenge for regional small businesses May 13, 2013

Puerto Rico Small Business Development Forums Small businesses in Puerto Rico represent a significant portion of the local economy. This three-part series of events, designed to expand opportunities for those small businesses, includes forums on access to financing, government procurement contracts, and international trade. The series is cosponsored by the Federal Reserve Bank of New York, the Federal Deposit Insurance Corporation and the U.S. Virgin Islands/Puerto Rico District Office of the U.S. Small Business Administration. New York Fed to co-host interagency forum on government procurement in Puerto Rico January 31, April 30 and July 10, 2013

New York Fed releases an assessment of the distressed residential real estate situation The New York Fed has released new data about the distressed residential real estate market, including the inventory of real estate owned properties, or REO. Through interactive maps, viewers can explore the current status and potential future scenarios for REO properties at the national and state-specific levels. Another interactive map examines the magnitude and recent history of distressed sales in New York, New Jersey and Connecticut at the state and county level. October 5, 2012

Report on the Competitiveness of Puerto Rico's Economy Experts from the Bank's research, outreach and education teams were commissioned to analyze the challenges facing Puerto Rico and to put forward recommendations on how to capitalize on the Island’s strengths to promote growth. The results, presented in both English and Spanish, represent their efforts made in consultation with local, national and international experts, as well as stakeholders on the Island itself. June 29, 2012

Recent Speeches

The Outlook for the National and Local Economy Remarks by President Dudley at the Staten Island Chamber of Commerce, Staten Island, New York April 16, 2013

The Economy and the Household Debt and Credit Report Remarks by James McAndrews at the Household Debt and Credit Press Briefing, New York City February 28, 2013

Current Economic Indicators

Empire State Manufacturing Survey The June survey indicates that conditions for New York manufacturers improved modestly. The general business conditions index—the most comprehensive of the survey’s measures—rose nine points to 7.8. Nevertheless, most other indicators in the survey fell. June 17, 2013

Beige Book Economic activity in the Second District has continued to expand at a moderate pace since the last report. June 5, 2013

Indexes of Coincident Economic Indicators April's CEI shows economic activity grew moderately in New Jersey and more strongly in New York State and New York City. For April 2013, released May 2013

Research Highlights

New York Fed Study Examines Manhattan Housing Market While New York City rents have rebounded in the past couple of years, renting still appears to offer a better financial value than buying in the Manhattan housing market, according to a recent study by the New York Fed. In “To Buy or Not to Buy? The Changing Relationship between Manhattan Rents and Home Prices,” author Jason Bram examines trends in residential rents and home (apartment) purchase prices in New York City’s borough of Manhattan. Focusing on the ratio of prices to rents as a way to gauge the financial value of a home purchase, Bram’s research suggests that there is less value today in a home purchase than over the past two decades. December 14, 2012

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