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.
What happens when the Fed raises interest rates? How do these interest hikes affect everyday New Yorkers? This month, our old friend and colleague Kim Grauer joins us to discuss everything you've ever wanted to know about how these interest rates affect the economy. Don't miss it!
Job numbers are high, construction is bustling, and the Gross City Product is up 1.7% — but what does that all really mean? This month, we dive into the data to explain to everyday New Yorkers how to make sense of it all. We hope you enjoy our brand new, easy-to-read format! Don't forget to join Simon and Andrew for an in-depth discussion on New York City's economy, only on the Economic Snapshot Podcast.
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.
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.
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 three months leading up to Halloween. For those who are looking to diversify their candy bowl offerings, the runner-ups were Candy Corn (95,000 lbs.) and Reese's Peanut Butter Cups (39,600 lbs.), indicating a clear favorite in New York.
This month, we explore the food distribution study—recently released by NYCEDC and the Mayor's Office—with experts from both the Center for Urban Innovation and Development. You won't want to miss this month's podcast!
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.