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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.

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New York City Economic Indicators

Economic and Demographic Trends

	Population 2020	Pop growth 2020, 10-year change (%)	GDP 2020, billions ($)	Job growth 2021, 5-year change (%)	Median household income 2020 ($)	Median home price 2020 ($)	Pop share age 25+ with BA+ 2020 (%)
New York City	8,804,000	7.7	1,022	-3.0	70,000	650,000	40.3
Orange-Rockland-Westchester*	1,744,000	6.8	125	-4.1	82,000	350,000	38.8
Long Island*	2,922,000	3.1	203	-4.4	114,260	500,000	45.6
New York State	20,201,000	4.2	1,725	-4.1	72,600	350,000	39.4
United States	331,449,000	7.4	20,894	1.2	67,000	250,000	35.1

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 data.census.gov, Moody's Economy.com, or directly from source.

*Neighboring Metros

The New York Fed publishes indicators, trends, research and analysis on our Second District. Explore the content below to learn more.

Regional Employment Trends

September 22, 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.

Business Leaders Survey

September 18, 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

September 15, 2023

A monthly survey of manufacturers in New York State assessing current and forward-looking indicators for orders, prices, inventories, employees, and more.

Beige Book

September 06, 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.

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.

Supplemental Survey Report

August 18, 2023

This report summarizes responses to topical questions posed periodically in the New York Fed’s Empire State Manufacturing Survey and Business Leaders Survey.

Quarterly Household Debt & Credit (with state information)

August 08, 2023

The report provides unique data and insight into the credit conditions of U.S. consumers and provides a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans and delinquencies.

Mapping Home Price Changes

July 2023

Explore year-over-year changes in home prices both regionally and nationally, using this dynamic map — updated monthly with new home price index data on 1,200 U.S. counties since 2003.

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.

How Did New York City’s Economy Weather the Pandemic?

April 13, 2023

When Covid-19 struck the U.S. in early 2020, New York City was the epicenter of the pandemic, experiencing a quick and massive shutdown of restaurants, retail stores, personal services, offices, and more. This post examines the contours of the city’s recovery.

The Tri-State Region’s Recovery from the Pandemic Recession Three Years On

April 13, 2023

Although the U.S. has seen job counts rise above pre-pandemic levels, the recovery has been uneven in the tri-state region. A dearth of available workers remains a significant constraint on growth in the region, particularly in upstate New York, which had already been suffering from a lack of workers before the pandemic began.

Richard Deitz's Briefing on Regional Economic Conditions in New York State

March 07, 2023

In a presentation to the Independent Bankers Association of New York, Richard discussed economic conditions in New York State, including business activity, jobs, housing, commercial real estate.

Press Briefing: Employment and Housing Conditions in the Second District

November 10, 2022

The press briefing focused on current economic conditions across the Federal Reserve's Second District and focused on the region's housing markets through the pandemic, including changes in home prices and affordability.

A Look at the New York-Northern New Jersey Region’s Pandemic Housing Boom

November 10, 2022

Home prices in the U.S. have soared by more than 40 percent since the start of the pandemic. In this post, the authors examine home price growth in the New York-Northern New Jersey region, where prices have shot up by 30 percent or more. Much of the home price boom can be traced to the rise in remote work, which increased the already strong demand for housing at a time when inventories were low and declining.

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