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Coming or Going? NYC Migration Ins and Outs

 |  NYCEDC

Grand Central Terminal

Each year, thousands of people arrive in New York City and settle here, and thousands of people leave.

By many metrics, New York City’s economy is as healthy as ever. There are more jobs in the city than at any time in history, and the unemployment rate has fallen to historically low levels. Yet this success doesn’t mean that the city will keep all of its residents. So, are more people coming or going?

New York City has a negative net domestic migration rate. Translation: more people leave one of the city’s five counties than move in. What’s more, that trend has accelerated in recent years, from a rate of -0.2%...

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Economic Data

New Yorkers and Their Cars

 |  NYCEDC

The New York International Auto Show runs from March 30 to April 8, which got us thinking about the car culture (or lack thereof) in New York City.

According to recent census estimates,[1] almost 1.4 million households in New York City own a car compared to 3.1 million total households. This means 45 percent of all households in the city own a car (and almost 3 percent that own three or more!). Ownership is lowest in Manhattan, where only 22 percent of households own a car, while ownership is highest in Staten Island where cars are owned by 83 percent of all households. Queens (62 percent) is also above the city average, while the Bronx (40...

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Economic Data

Generations in NYC, part 2: What’s the Generational Makeup of Your PUMA?

 |  NYCEDC

This is the second installment of our series looking into the different generations of New Yorkers; what they are, how the differences between them impact New York City’s labor force, and how they affect the city’s neighborhoods.

In the first installment of our series on generations[1], we gave a snapshot of each generation in New York City. This snapshot broke down the generations by demographic and employment trends and gave an overview of where each generation lives. We found higher...

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Economic Data

Generations in NYC, part 1: Generations 101

 |  NYCEDC

This month we begin a series looking into the different generations of New Yorkers; what they are, how the differences between them impact New York City’s labor force, and how they affect the city’s neighborhoods.

The cultural conversation about generations tends to greatly overgeneralize New York’s diverse age cohorts. As such, we’ll start by stripping away stereotypes and taking a clear snapshot of who in New York City makes up each generation.

For the purposes of this analysis, we’ll be using the generational distinctions originally outlined by the demographers William Strauss...

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Economic Data

Transportation Trends in NYC

 |  NYCEDC

New York City’s transportation industry is in the midst of an upheaval. Ridership through app-based services like Uber and Lyft has surged, while subway and bus ridership has declined.

Although there are many theories about the decline of public transit ridership, the data suggest that app-based services account for a growing share of the City’s transit network, and are, under certain circumstances, substituting public transit systems. As New York State explores

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NYCxDESIGN 2017 by the Numbers

 |  NYCEDC

NYCxDESIGN drew nearly 350,000 attendees and added $60 million to the gross city product.

Approximately 347,000 people attended NYCxDESIGN 2017 to celebrate graphic design, architecture, urban design, fashion, furniture, and more.[1] Of those, 71% were residents of the five boroughs and 29% were visitors. Representative of New York City’s global status, the event drew 34,600 visitors (10%) from the metropolitan area, 11,500 (3%) from...

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New York City's Dog Population

 |  NYCEDC

Those who don’t know us say that New York City is a dog-eat-dog town. We may act like alpha dogs, but real New Yorkers are truly poodles at heart. In fact, the data show that one in seven households in our city have at least one pup under its roof [1]– so we must be softies deep down. Did you know that there are ruff-ly 425,000 canine companions in homes across the five boroughs[2]? That means that there are more dogs in New York City than there are people in Oakland, California!

Now let’s dive into the numbers:

As of February 2017, there were 85,085 dogs in New York City with active licenses.[3] Dogs are required to be licensed by the Department of...

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Economic Data

How do Americans celebrate Fourth of July?

 |  NYCEDC

The National Retail Federation (NRF) predicts that 219 million Americans (nearly 70% of the population)[1] will celebrate Independence Day this year.  The number of people who will celebrate is 2% higher than last year and the average amount they plan to spend on food items this holiday is up 3% to $73.42 per person.  In fact, the holiday is expected to generate $7.1 billion in revenue from food sales.

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Economic Data

New York City Construction Projects Reach New Heights

 |  NYCEDC

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[1] and 3,817 residential building projects were initiated in 2016.  Meanwhile, there were 514 construction starts unrelated to buildings, which included infrastructural...

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Economic Data

Interest Rates and New Yorkers

 |  NYCEDC

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...

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Economic Data

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