How is New York’s economy really doing?

New York City is making progress, but big challenges remain.

The latest economic trends report from the Partnership for New York City indicates that strategic investments and informed policy choices are starting to yield results. We’re less gridlocked in the central business district, with cleaner air, and signs of renewed economic activity in key sectors. However, the report also makes it clear that affordability remains a significant issue, and the city’s recovery is uneven

📉 Over 600,000 city residents are receiving government cash assistance because they are unable to support themselves — the highest number in 25 years. Private sector job growth, especially in finance and tech, is lagging behind. At the same time, looming federal cuts to Medicaid and SNAP threaten the most vulnerable.

🚇 Congestion pricing is projected to raise $500 million in 2025, supporting investments in subway upgrades, ADA accessibility, and communication systems.

🛍️ Retail sales in Lower Manhattan are projected to grow by $900 million this year. Broadway revenues have increased by 26%.

These trends show that targeted investments work—but the city can’t go it alone. With federal cuts on the horizon, state and local leaders must find sustainable ways to fill the gap without increasing New York’s already burdensome tax load, which continues to drive up the cost of living. If we want to keep New York competitive, we need solutions that strengthen our economy without pricing people out of it.