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 $173.76 among...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
Apply for Up to $30,000 in Futureworks NYC Growth Initiative Grants!
Futureworks NYC Growth Initiative grants help startups like Sunhouse fund engineers, assist with product development, hire strategic consultants, and obtain other advanced manufacturing tools. The Sunhouse Sensory Percussion drum kit is revolutionizing the instrument. Credit: Sunhouse
NYCEDC is proud to announce the second round of Futureworks NYC Growth Initiative grants for early-stage advanced manufacturing companies. If you are a manufacturing startup or developing advanced manufacturing technologies, you could receive up to $30,000 in funding to support your growth here in New York City. No strings attached.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