New York City Construction Projects Reach New Heights
Current construction trends indicate a strong New York City economy. In 2016, the number of construction project starts was the highest in four years.
The majority of starts were building projects: 4,066 non-residential and 3,817 residential building projects were initiated in 2016. Meanwhile, there were 514 construction starts unrelated to buildings, which included infrastructural...Read More
Interest Rates and New Yorkers
The Federal Reserve raised interest rates on March 15, 2017 – only the third time since the height of the financial crisis. So, what does this mean for New York City’s economy? First, let’s explore how interest rates work.
Whenever an entity loans money, they will charge an interest rate that incorporates the time value of money that is lost when loaning out that sum of money (a dollar today is always preferable to a dollar in the future, so an interest rate is charged to make loaning money cost-effective). Therefore, as interest rates decline, more people borrow and spend...Read More
A Different Look at the Holiday Economy in New York City
New Yorkers love the holidays – it doesn’t take more than quick walk down any wintery block in Manhattan to figure that out.
Holiday music rings in every store, and “tree-lined street” fosters a whole new meaning as Christmas pines are sold on virtually every corner. And importantly, what we on the Economic Research & Analysis team call the holiday economy bustles with renewed fervor.
The holiday economy is comprised of a number of factors and this month we’re exploring how cultural and religious institutions throughout the City impact the local economic landscape.
Attendance at museums and historical...Read More
Thanksgiving in New York City: Parade, Tourism & Shopping
Thanksgiving By the Numbers
The Macy's Thanksgiving Day Parade draws 3.5 million enthusiastic visitors to Manhattan, as well as roughly 50 million television viewers. Festivities held over the long weekend have enticed thousands of tourists to visit New York City, boosting business for the city’s 50,000 hospitality workers and 300,000 food and beverage service employees. The economic benefits are clear: last November, retailers employed 360,000 New Yorkers for busy holiday shopping season that is kicks off on Black Friday.
Adding to the fun is Small Business Saturday which spurs business for the city’s roughly 207,600...Read More
October Sugar High: New Yorkers Love Chocolate & Sour Patch Kids
Candy and pumpkins energize the city that never sleeps.
This upcoming Halloween, 94 percent of Americans plan to purchase candy when polled by the National Retail Association. Applied to New York City’s population, this means that nearly 8 million people in the City will be flooding the closest Duane Reade and Trader Joe's for sweets.
Still deciding on treats for Halloween night? According to the sales data from the online retailer Candy Store, the New York State candy favorite is Sour Patch Kids. From 2007-2015, New Yorkers have ordered 198,000 lbs. of Sour Patch Kids on average from the online store in the...Read More
State of Manufacturing in New York City
To celebrate National Manufacturing Day, the Economic Research and Analysis team at NYCEDC looked at trends in the manufacturing industry in New York City. We found that the sector is on the rise, employing over 78,000 workers in 2015, or 2.1% of the city’s private sector employees. Specifically, since 2011, employment in manufacturing has grown 3.3% in the City. The size of manufacturing establishments is also expanding, with the average New York manufacturer employee base growing +8.1% in the last year alone.
Economists at Moody’s are also predicting that manufacturing will contribute an increasing amount to Gross City Product (GCP) over the next several decades (see below figure),...Read More
The NYCEDC Innovation Index: A Closer Look
Take an in-depth look at each of the metrics by visiting our interactive Innovation Index at http://www.nycedc.com/economic-data/innovation-index
The Economic Research & Analysis (ERA) team at New York City Economic Development Corporation (NYCEDC) updates their Innovation Index in order to quantify and monitor the status of innovation in New York City. NYCEDC is interested in innovation because it has long been at the forefront of economic analysis. While some economists argue that innovation is crucial for economic growth, others claim that it is only a natural by...Read More
Feast on Savory Stats: Fourth of July Hot Dog Prices Drop
How do Americans celebrate Fourth of July? NYCEDC analyzed the Independence Day traditions of everyday Americans to answer this very question.
As expected, many Americans will attend outdoor parties, join in on barbecues, and spend the evening gazing at the fireworks. Thousands of spectators will also travel to Coney Island for Nathan’s annual hot dog eating contest. This is no average year for the best-of-the-wurst Nathan’s: the iconic hot dog vendor is celebrating its 100th anniversary, totaling over 435 million sausages sold at its 40...Read More
February Economic Snapshot: Small Businesses in NYC
By Kimberly A. Grauer, Project Manager, Economic and Research Analysis
Small businesses are a hugely important part of the economy.
The Small Business Administration recently cited that over 99.7 % of all employers are small firms across the United States. Small businesses are especially important in NYC, employing approximately 1.7 million individuals as of Q4 2014. Recently, the Center on Urban Future, a NYC think tank, found that just over 90% of all NYC businesses actually had fewer than 20 employees. According to their research, this is a higher percentage than all but one of the 363 metro areas...Read More
A Closer Look At Bitcoin
By Kimberly Grauer, Project Manager, Economic Research and Analysis
You may have heard of Bitcoin, the entirely digital currency that was founded in 2009 by an unknown programmer operating under the pseudonym Satoshi Nakatomo.
Unlike traditional government-backed fiat currencies, Bitcoin is decentralized and regulated through advanced encryption techniques. With a history of marked volatility and an infamous role in marketplaces for illicit goods such as Silk Road, people have questioned the legitimacy and safety of using Bitcoins.
Yet the value of Bitcoins in circulation has grown...Read More