New York City

Comprising the five boroughs of Manhattan, Brooklyn, Queens, the Bronx, and Staten Island, New York City has a population of around 8.6 million that is ethnically and culturally diverse. Its economy is the largest in New York State and among the largest in the world. Nearly 70 percent of households rent their homes, many of which are rent-stabilized. Land prices and thus home prices are exceptionally high—particularly in or near prime areas of Manhattan. The Great Recession was less severe in New York City than in most of the nation, and since then, the City has experienced its strongest economic boom in decades, with much of this growth seen in the City’s outer boroughs. The recent growth has come with little contribution from the securities industry, which had historically been a key driver of economic expansions. Many different sectors, including leisure and hospitality, education and health, and construction, have seen robust job growth, and employment in the relatively well-paying tech cluster has expanded sharply. These trends have led to an increasingly diversified New York City economy in recent years.

Economic and Demographic Trends
New York City Orange-Rockland-Westchester* Long Island* New York State USA
Population1 8,337,000 1,678,000 2,834,000 19,454,000 328,240,000
Pop growth, 10-year change1 -0.7% 3.3% 0.5% 0.8% 7.0%
GDP, billions1 $1,065 $124 $197 $1,772 $21,433
Job growth, 5-year change1 12.0% 6.3% 4.3% 7.4% 8.6%
Median household income1 $69,000 $90,020 $112,000 $71,600 $65,000
Median home price1 $650,000 $350,000 $450,000 $320,000 $230,000
Pop share age 25+ with BA+1 39.2% 45.3% 42.6% 37.8% 33.1%

1 2019

* Neighboring Metros

Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics; U.S. Bureau of Economic Analysis; IPUMS USA-University of Minnesota. Data retrieved through, Moody's, or directly from source.

Reports & Analysis
New York City Economic Indicators (detailed data and timely updates)
Regional Employment Trends (May 23, 2022)
Press Briefing on the Regional Economic Recovery (Dec 17, 2021)
Jaison Abel's Briefing on Economic Conditions in the Region (Nov 5, 2021)
Severe Supply Disruptions Are Impeding Business Activity in the Region (Oct 21, 2021)
Jaison Abel’s Briefing on the New York State Economy During the Pandemic (Sep 30, 2020)
Tracking the Spread of COVID-19 in the Region (Aug 27, 2020)
Jason Bram's Briefing on Regional Economic Conditions During the Pandemic (July 14, 2020)
Finally, Some Signs of Improvement in the Regional Economy (Jun 16, 2020)
New York Fed Surveys: Business Activity in the Region Sees Historic Plunge in April (Apr 16, 2020)
Businesses in the Tri-State Region Struggling to Weather the Coronavirus Outbreak (Mar 30, 2020)
Jaison Abel’s Briefing on the Regional Economy with a Focus on Central New York (Jan 2020)
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