New York City

Comprising the five boroughs of Manhattan, Brooklyn, Queens, the Bronx, and Staten Island, New York City has a population of around 8.8 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—and housing affordability has been a long-standing problem. The COVID-19 pandemic dealt a severe blow to the City’s economy—especially in Manhattan’s central business districts. The City’s population, which had dipped early in the pandemic, has rebounded; but as of mid-2022, employment had still not recovered from its steep fall in early 2020. The office market has remained depressed but the residential real estate market has been tight. Prior to the pandemic, the City had experienced its strongest economic boom in decades, with much of this growth seen in the City’s outer boroughs. The relatively well-paying tech cluster has expanded strongly in recent years and has become an increasingly important sector, while the City’s key securities industry has diminished somewhat in relative importance. These and other 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 8,804,000 1,744,000 2,922,000 20,201,000 331,449,000
Pop growth, 10-year change1 7.7% 6.8% 3.1% 4.2% 7.4%
GDP, billions1 $1,022 $125 $203 $1,725 $20,894
Job growth, 5-year change2 -3.0% -4.1% -4.4% -4.1% 1.2%
Median household income1 $70,000 $82,000 $114,260 $72,600 $67,000
Median home price1 $650,000 $350,000 $500,000 $350,000 $250,000
Pop share age 25+ with BA+1 40.3% 38.8% 45.6% 39.4% 35.1%

1 2020

2 2021

* 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
Regional Employment Trends (September 16, 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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