Regional Economy

Gain deeper insights on the New York Fed’s Second District through a wide array of regional economic indicators and monthly surveys. Find in-depth economic data for 22 local areas in the Second District. Learn more about important issues facing the regional economy through research and analysis, including reports, blog posts, and presentations.

Regional Economic Indicators
Beige Book
Beige Book
November 29, 2023
Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank directors and interviews with businesses, community organizations, economists, market experts, and other sources.
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Regional Equitable Growth Indicators (EGIs)
November 29, 2023
The regional EGIs present disparities in inflation, real and nominal earnings, employment, and real and nominal spending across the New York-New Jersey metro area, as well as all other counties in New York state.
Full Regional Report | Regional Data
Regional Employment Trends
Regional Employment Trends
November 20, 2023
These interactive charts illustrate payroll employment trends for more than 20 geographies in the Second District, from the state level down to metropolitan areas.




Early Benchmarked Employment Data
Early Benchmarked Employment Data
November 20, 2023
The New York Fed benchmarks monthly employment data from Bureau of Labor Statistics to provide timely estimates for local regions in the Second District.
Business Leaders Survey
Business Leaders Survey
November 16, 2023
A monthly survey that asks companies across the Second District—which includes New York State, Northern New Jersey, and Fairfield County, Connecticut—about recent and expected trends in key business indicators.
Empire State Manufacturing Survey
Empire State Manufacturing Survey
November 15, 2023
A monthly survey of manufacturers in New York State assessing current and forward-looking indicators for orders, prices, inventories, employees, and more.
Local Area Conditions

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New York City

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Buffalo Metro Area

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Albany Metro Area

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Newark Metro Division

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Fairfield County

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Puerto Rico
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Research & Analysis
Small Business Recovery after Natural Disasters
Banks versus Hurricanes
November 20, 2023
Puerto Rico’s location in the Caribbean leaves it highly exposed to all manner of severe weather. Hurricane Maria, which struck the island on September 17, 2017, was a worst case in some respects as it struck just two weeks after Hurricane Irma flooded the island. Even so, the island’s economy and banks recovered surprisingly quickly. This post discusses the various protections—including homeowners’ insurance, federal aid, and mortgage guarantees—that helped buttress the island’s economy and banks.
Small Business Recovery after Natural Disasters
Flood-Prone Basement Housing in New York City and the Impact to Low-and-Moderate Income Renters
November 17, 2023
Hurricane Ida, which struck New York in early September 2021, exposed the region’s vulnerability to extreme rainfall and inland flooding. The storm inflicted extensive damage to the housing stock, particularly low-lying units. This post introduces new data to estimate with greater precision the flood risk to basement apartments in New York City. The authors show that these risks potentially impact roughly 10 percent of low- and moderate-income individuals, immigrants, and racial and ethnic minorities.
Small Business Recovery after Natural Disasters
Supplemental Survey Report: Workforce Issues
November 16, 2023
This report summarizes responses to topical questions posed periodically in the New York Fed’s Empire State Manufacturing Survey and Business Leaders Survey.









Small Business Recovery after Natural Disasters
Small Business Recovery after Natural Disasters in the Fed’s Second District
November 16, 2023
This is the second of the two-part series on how natural disasters such as hurricanes, floods, wildfires, droughts, and winter storms affect small businesses in the Federal Reserve’s Second District. While the previous post focused on the impact of such disasters using data from the Small Business Credit Survey for the period 2021-22, this post focuses on the aftermath of such disasters, and examines disparities in the ability of firms to reopen their businesses and access disaster relief.
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How Do Natural Disasters Affect Small Business Owners in the Fed’s Second District?
November 15, 2023
Data from the Federal Reserve’s Small Business Credit Survey shed light on how small businesses in the Second District are impacted by natural disasters (such as hurricanes, floods, wildfires, droughts, and winter storms). The author finds that increasing shares of small business firms in the region sustain losses from natural disasters, with minority-owned firms suffering losses at a disproportionately higher rate than white-owned firms.
Inaccurate flood zones in the Fed’s Second District
Flood Risk and Firm Location Decisions in the Fed’s Second District
November 14, 2023
The intensity, duration, and frequency of flooding have increased over the past few decades. As the frequency of flood events continues to increase, the number of people, buildings, and agriculture exposed to flood risk is only likely to grow. This post focuses on the distribution of flood risk within the Federal Reserve's Second District and examines its effect on establishment location decisions over the last two decades.



Inaccurate flood zones in the Fed’s Second District
How Do Banks Lend in Inaccurate Flood Zones in the Fed’s Second District?
November 13, 2023
This post examines the impact of flood risk, particularly on bank lending in the Federal Reserve’s Second District. Using data on the accuracy of flood maps, the authors examine banks’ lending practices within “very inaccurate” and “inaccurately” mapped areas. A map is considered “very inaccurate” If a property faces significant flooding damage (highest damage quartile) but is not mapped into a flood zone, and “inaccurate” If properties in an area face moderate damage but are insufficiently mapped.
Potential Flood Map Inaccuracies in the Fed’s Second District
Potential Flood Map Inaccuracies in the Fed’s Second District
November 10, 2023
The National Flood Insurance Program flood maps, which designate flood-prone areas, are updated periodically through the Federal Emergency Management Agency (FEMA) and community efforts. Even so, many of these maps are outdated. Given that climate-related risks vary geographically, it is crucial to produce accurate maps for such risks, like flooding. This post uses detailed data on the flood risk faced by individual dwellings as well as digitized FEMA flood maps to assess the accuracy of flood mapping in the Federal Reserve’s Second District.
Transition Risks in the Fed’s Second District and the Nation
Transition Risks in the Fed’s Second District and the Nation
November 09, 2023
Climate change may pose two types of risk to the economy—from policies and consumer preferences as the energy system transitions to a lower dependence on carbon (transition risks) or from damages stemming from the direct impacts of climate change (physical risks). This post complements a previous blog in the series that studies the Second District’s exposure to physical risk by considering how transition risks affect different parts of the District, and how they differentially affect the area relative to the nation. 



Comparing Physical Risk: The Fed’s Second District versus the Nation              
Comparing Physical Risk: The Fed’s Second District versus the Nation              
November 08, 2023
There are several types of risks that may interest policymakers and academics who are focused on understanding a region’s exposure to physical risks. There are also a great many ways of quantifying and aggregating these risks. This post discusses the climate-related risks faced by the Federal Reserve’s Second District and compare these with risks faced by the nation as a whole. The comparison helps contextualize the risks while framing them in the broader context of a changing climate at the national level.  
Blog Series on the Economic and Financial Impacts of Extreme Weather Events in the Fed’s Second District
Blog Series on the Economic and Financial Impacts of Extreme Weather Events in the Fed’s Second District
November 08, 2023
Extreme weather events, along with human adaption to cope with them, may have large effects on the economy and financial markets. Therefore, it is crucial to provide research on the economy’s vulnerability to such events to policymakers, households, financial institutions, and other players in the world economy in order to help them make informed decisions. This research series tries to take a step in this direction while focusing on the Federal Reserve System’s Second District. 
Window of Opportunity: New York’s Small Multifamily Buildings, Expiring Equipment, and Clean Energy Goals
Window of Opportunity: New York’s Small Multifamily Buildings, Expiring Equipment, and Clean Energy Goals
October 25, 2023
As part of its work on climate, the New York Fed’s Community Development team researched the challenges of electrifying small-to midsize-properties. The authors identify key roadblocks and potential solutions for electrifying these properties, drawing on insights shared in interviews and roundtables with more than two dozen experts, including property developers as well as advocates for affordable housing and clean energy.



Special Conference Issue: The Future of New York City
Special Conference Issue: The Future of New York City
October 11, 2023
This special conference issue of the Economic Policy Review includes three papers presented at the New York Fed’s conference, “The Future of New York City: Charting an Equitable Recovery for All” (March 31, 2022), and offers highlights of discussions with distinguished participants from the academic, business, government, press, and nonprofit communities.
Businesses Want Remote Work, Just Not as Much
Businesses Want Remote Work, Just Not as Much
August 23, 2023
Results from the New York Fed’s August regional business surveys show that more than 20 percent of all service work and 4 percent of all manufacturing work is currently being done remotely, nearly identical to what was reported a year ago.
Slow Road to Recovery: U.S.V.I. Sees Signs of Resilience
Slow Road to Recovery: U.S.V.I. Sees Signs of Resilience
June 20, 2023
A summary of key themes that emerged during President John C. Williams regional visit to the U.S. Virgin Island for two days of meetings on St. Croix and St. Thomas.




Jaison Abel's Briefing on Regional Economic Conditions in Buffalo
Jaison Abel's Briefing on Regional Economic Conditions in Buffalo
April 20, 2023
In a presentation to Buffalo Niagara Association of Realtors, Jaison discussed current economic conditions—including business activity, tight labor markets, jobs, and inflationary pressures for the Buffalo area—and provided other regional insights.
Press Briefing: The Region’s Recovery from the Pandemic Recession
Press Briefing: The Region’s Recovery from the Pandemic Recession
April 13, 2023
The press briefing discussed economic conditions across the Second District since the start of the Covid-19 pandemic, focusing on employment trends.
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