How do Americans celebrate Fourth of July?
The National Retail Federation (NRF) predicts that 219 million Americans (nearly 70% of the population) 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.Read More
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
All Aboard! The Numbers Behind NYC Ferry
Launching Monday, May 1, NYC Ferry will fundamentally change how the people of our city move.
The new ferry service connects over half a million New Yorkers from Soundview in the Bronx to Rockaway, Queens to where they need to go citywide. This connectivity expands economic opportunity by creating new networks between job-dense neighborhoods, such as Midtown, Lower Manhattan, Downtown Brooklyn and Long Island City, as well as industrial areas like Sunset Park, and residential communities that have long been transit deserts, such as Astoria and Red Hook. NYC Ferry also cuts down on commute...Read More
Earth Day 2017
Have you noticed the effects of climate change in NYC?
Mayor de Blasio notes, “Cities are where most of the world’s population lives, and coastal cities like ours are among those most impacted by climate change.” Indeed, downpours increased over 70% in the northeast between 1958 and 2010 and New York’s rate of sea level rise, 1.2 inches each decade, is nearly two times higher than the global rate...Read More
Women and the Economy: A Brief Analysis of the Gender Wage Gap
It’s an unfortunate reality: on average, women earn 80% of what men do in the United States and 86% in New York City. While the wage gap is smaller than the national average, it has remained stagnant over recent years.
The graph below explores the average wage women earn per industry, along with the gender wage gap within that sector.
Inequality in pay can be explained by looking at two sets of factors that we’re calling (1) direct issues and (2) systemic issues. Direct issues are factors that include women not being promoted or...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
Which Countries’ Entrepreneurs Will Dominate the Second IN2NYC Application Round?
Today marks the opening of the second application period for the International Innovators Initiative, or IN2NYC Program, which helps international entrepreneurs expand or relocate their businesses to New York City by facilitating collaborative partnerships that qualify entrepreneurs to apply for cap-exempt H-1B visas. Prospective participants can submit an application for the program online through the IN2NYC website from now until May 3, 2017.
During its inaugural application period, the IN2NYC Program received 144 applications from...Read More
Pass the Caviar, Casanova: How Much Do New Yorkers Really Spend on Valentine’s Day?
Twenty-sixteen was the hottest year on record – and we don’t just mean the climate!
Valentine’s Day spending was the highest ever last year, but the National Retail Federation (NRF)  expects spending to ease a bit in 2017. The NRF survey projects that Americans will spend about $18.2 billion on the holiday this year compared with $19.7 billion last year. For sweethearts across the country, this constitutes an average spending of $136.57 per person; however, spending rises to ...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