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 8,399,000 1,675,000 2,839,000 19,542,000 327,167,000
Pop growth, 10-year change1 0.6% 3.9% 1.2% 1.7% 7.6%
GDP, billions2 $937 $118 $186 $1,598 $19,485
Job growth, 5-year change1 13.2% 6.7% 5.0% 8.0% 9.3%
Median household income2 $60,000 $83,000 $100,000 $64,000 $60,000
Median home price2 $575,000 $320,000 $420,000 $300,000 $200,000
Pop share age 25+ with BA+2 37.3% 43.0% 40.6% 36.0% 32.0%


1 2018

2 2017

* Neighboring Metros

Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics; U.S. Bureau of Economic Analysis; IPUMS USA-University of Minnesota; New York Fed calculations. Data retrieved through American FactFinder, Moody's Economy.com, or directly from source.

Reports & Analysis
New York City Economic Indicators (detailed data and timely updates)
Early Benchmarked Employment Data (Jun 5, 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)
New York City Household Debt & Credit Snapshot (Q4 2018)
Bronx Household Debt & Credit Snapshot (Q4 2018)
Brooklyn Household Debt & Credit Snapshot (Q4 2018)
Manhattan Household Debt & Credit Snapshot (Q4 2018)
Queens Household Debt & Credit Snapshot (Q4 2018)
Staten Island Household Debt & Credit Snapshot (Q4 2018)
New York Household Debt & Credit Snapshot (Q4 2018)
Jaison Abel’s January 2020 Briefing on the Regional Economy with a Focus on Central New York
Press Briefing on Economic Conditions in the Region (Dec 17, 2019 Webcast)
Growth Has Slowed across the Region (Dec 17, 2019)
Strategies for Equitable Growth: A New York City Listening Session with Nonprofit Leaders (Jul 17, 2019)
President Williams' Visit to Manhattan (May, 2019)
New York City Credit Profile (released Nov 2018)
New York State's Community Colleges are Successfully Partnering with Employers (Nov 14, 2018)
Brooklyn Roads: President Williams Tours the Borough for First Regional Visit (Aug 28, 2018)