Gotham Gazette

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Economy

Economy

  • 'In Almost Every Measure We Are Doing Very Well': City Releases New 'Snapshot' Tracking Economic Recovery

    Mayor Adams and city officials talking jobs (photo: Ed Reed/Mayoral Photography Office)


    Many indicators tracked by New York City’s economic development agency to chart the health of the local economy are showing signs of growth, according to a new monthly report being released Thursday.

    The initial data shows some major gains in job creation and business start-ups in the last year, and a multi-year increase in venture capital funding. It also indicates a sluggish return to the office amid ongoing hybrid work models.

    The city has seen an explosion of new businesses in the first year of

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  • New York Must Brace for a Recession; Where Things Stand and What Comes Next

    Gov. Hochul talks budget (photo: Darren McGee/Office of Governor Kathy Hochul)


    The Federal Reserve Board’s aggressive interest rate increases have put the nation and New York on notice that an economic downturn is a serious possibility. The Board is determined to wring inflation out of the economy, and forecasts higher unemployment but no recession. Nonetheless, New York’s leaders need to brace for one.

    The nation has suffered through two vastly different recessions in the past 14 years. The COVID-19 pandemic is fresh in our

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  • Boost NYC’s Tech Sector to Ensure a Full Jobs Recovery and Stronger Future for New Yorkers

    Mayor Adams sees tech jobs in action (photo: Michael Appleton/Mayoral Photography Office)


    It's now clear that predictions of economic doom for New York made in the early days of the pandemic were as far off as, well, forecasts of the city’s demise made after 9/11 and the Great Recession. But while there are numerous signs that the city is bouncing back strong—from an uptick in tourism to sky-high demand for apartments—New York still has a long way to go in its employment recovery. Indeed, the city still has 123,000 fewer jobs than it did in February 2020, regaining

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  • Mayor's Focus on Workforce Development Meets 'Pressure Cooker' Program Landscape, New Report Says

    On the job (photo: Michael Appleton/Mayoral Photography Office)


    New York City has recovered many of the jobs lost at the height of the covid pandemic and some industries have expanded in the shifting economic landscape. But unemployment and inequality remain high, and there is too often a mismatch between employers seeking a workforce to power growth in areas like health care, tech, and life sciences and those in need of jobs. It is a challenge and opportunity Mayor Eric Adams discussed regularly when he was running

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  • 'Mixed Signals': New York City's Precarious Economic Recovery

    There has been a strong return to in-person entertainment in NYC (photo: Michael Appleton/Mayor's Office)


    The New York City economy has rebounded significantly from the depths of the covid recession but volatile economic indicators have left the city in a precarious position.

    As of June, New York City’s unemployment rate reached 6.2%, down from 10.5% in June 2021. The city gained 298,600 private sector jobs from June 2021 to June 2022, reaching 3,951,000 jobs, according to the New York State Department of Labor. Tourism to the

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  • 'Time to Make Wise Fiscal Choices Without Hitting Our Schools': Comptroller Lander on Education Spending, Upcoming Audits & More

    Comptroller Brad Lander (photo: John McCarten/City Council)


    According to New York City Comptroller Brad Lander, the city’s chief financial officer, “it’s a very mixed-signals moment” for the city’s economy.

    On one hand, Lander said during a recent appearance on Gotham Gazette’s Max Politics podcast, the city economy is seeing increased job and business growth; while on the other hand, nationwide inflation is among the challenges now and into the

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  • Max Politics Podcast: Comptroller DiNapoli on State & MTA Finances, Penn Station Redevelopment, & More

    Comptroller Tom DiNapoli (photo: @NYSComptroller)


    August 2, 2022 - Comptroller DiNapoli on State & MTA Finances, & More

    New York State Comptroller Tom DiNapoli joined the show to discuss state and MTA finances, the New York economy, use of federal pandemic aid, the Penn Station area redevelopment plan, the New York City budget limbo over school funding cuts, and more.

    Listen to the conversation and let us know what you think, on Twitter @TweetBenMax. You can listen to the show through the embedded audio below or download

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  • Max Politics Podcast: Comptroller Lander on the City's Economy and Finances, School Budget Cuts, & More

     

    Comptroller Brad Lander (photo: Office of New York City Comptroller)


    July 20, 2022 - Max Politics Podcast: Comptroller Lander on City Finances, School Budget Cuts, NYC Ferry, & More

    New York City Comptroller Brad Lander, the city's chief financial officer, joined the show to discuss the city's economic and fiscal outlook, the school budget cut controversy and what to do about it, and much more.

    Listen to the conversation and let us know what you think, on Twitter @TweetBenMax. You can listen to the show through

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  • Experts Discuss Strategies for Boosting New York City Tourism Recovery

    Mayor Adams celebrates tourism (photo: Michael Appleton/Mayor's Office)


    The COVID-19 pandemic torpedoed what had been record tourism to New York City, but the last year has seen a climb back toward pre-pandemic numbers. Reporting by NYC & Company, the city’s official marketing and tourism partner, projected that by the end of 2022, 56.7 million visitors will have come to the city, about 85% of the 66.6 million that visited in 2019.

    Experts say that the goal is to get back to pre-pandemic numbers, and the same...

  • Rethinking Economic Development in the Post-Covid World

    Rethinking economic development (photo: Edwin J. Torres/Mayor's Office)


    The COVID-19 pandemic has profoundly altered state economies. At this point, it’s clear that some of the changes will last, with significant implications for how governments should think about the future. State economic development agencies are tasked with building that future and they need new approaches to address these changes.

    In January 2021, with the assistance of staff from the New York Empire State Development Corporation, we began a process

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  • ‘The Streets are Increasingly More Crowded and Dynamic’: Jessica Lappin on the Present and Future of Lower Manhattan

    Lower Manhattan (photo: Edwin J. Torres/ Mayoral Photo Office)


    New York’s post-pandemic comeback has been the subject of near constant debate and conversation among city leaders. Among the areas of the city home to the most uncertainty is Lower Manhattan, a hub of business and tourism where leaders are adjusting to new commuting and international travel patterns and strategizing about affordable housing and uses of public space.

    Jessica Lappin, the President of the Alliance for Downtown New York since 2014 and a former New York City Council member, ...

  • ‘We’re Going Through a Period of Profound Change’: Kathryn Wylde on Shifting Economic Trends and the Future of NYC Central Business Districts

    Back to the office (photo: Michael Appleton/Mayoral Photography Office)


    New York, the business capital of the United States, if not the world, is facing major questions about its post-pandemic recovery based on economic, workplace, and workforce trends. While the city’s major employers have for the most part done very well throughout the pandemic, some sectors are still struggling and remote work has altered the landscape in terms of office occupancy. This has raised questions about the city’s economic recovery given everything from reduced subway ridership and the many economic reverberations from

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  • The Abundant Society: How To Build A Better America - For Everyone

     

    Suraj Patel, the author, on the campaign trail (photo via Patel campaign)


    Today, it’s hard not to be frustrated. The cost of everything – from rent to gas to groceries to clothes to even toys - is going up. At the same time inflation also has another nefarious side effect: wages - which were already stagnant - essentially went down as inflation went up. This is an inflationary pay cut and it means workers are being squeezed from both sides. Rather than putting our heads in the sand, or pointing to alternative data points to try and deflect people's pain, it’s time for real

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  • Max Politics Podcast: New York City Economic and Workplace Trends, with Kathryn Wylde

     

    Opening One Vanderbilt in East Midtown (photo: Michael Appleton/Mayoral Photography Office)


    May 11, 2022 - Max Politics Podcast: NYC Economic and Workplace Trends, with Kathryn Wylde

    Kathryn Wylde, President and CEO of the nonprofit Partnership for New York City, a business association of the city's largest employers and business leaders, joined the show to discuss economic and workplace trends, the future of work, the health of the city's office sector and central businesses districts, Mayor Adams' leadership, and more.

    Listen to the conversation and let us

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  • Max Politics Podcast: The Future of Lower Manhattan, with Jessica Lappin

     
    Lower Manhattan (photo: @DowntownNYC)


    May 10, 2022 - Max Politics Podcast: The Future of Lower Manhattan, with Jessica Lappin

    Jessica Lappin, president of the Alliance for Downtown New York and former City Council member, joined the show to discuss the future of Lower Manhattan, including the area's evolution over time, office occupancy, tourism, affordable housing, and more. That includes the work of The Downtown Alliance, which manages the Downtown-Lower Manhattan Business Improvement District, publishes research, provides services, and advocates on behalf of

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  • Employers Reconsider College Degree Requirements in Post-Pandemic Economic Recovery

    Opening for business (photo: Edwin J. Torres/Mayoral Photography Office)


    The pandemic has produced both soaring unemployment in New York City and a host of booming industries hungry for employees. Business leaders and the young administration of Mayor Eric Adams, alike, are looking to spend significant resources to connect candidates to jobs in traditional and emerging sectors. But executives are beginning to see one long-time driver of economic inequality as a particular barrier to tapping New York's 250,000-strong unemployed workforce: the college degree

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  • Experts Analyze Future of New York City's Central Business Districts

    At the stock exchange (photo: Michael Appleton/Mayoral Photography Office)


    The COVID-19 pandemic has wreaked havoc on New York City’s core Central Business Districts – particularly Midtown Manhattan and Lower Manhattan – which are home to the businesses and industries that are the biggest drivers of the city’s economy.

    The lockdown and stay-at-home orders forced by the pandemic changed the nature of work in the city and beyond, and though the office sector – including the information, financial and real estate, and professional and business services industries that occupy so much of the space

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  • A Model for Accelerating Growth of Minority-Owned Businesses in New York City

    Opportunity for growth (photo: Ed Reed/Mayoral

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  • As Mayor Adams Takes on the Issue, City Council Examines NYC Workforce Development Programs and Plans

    Mayor Adams visits a factory (photo: Michael

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  • 4 Keys to an Equitable Economic Recovery from the Pandemic in New York

     

    Ground-breaking (photo: John McCarten/City Council)


    A month before COVID-19 swept through the five boroughs, headlines about New York City’shistoric economic growth were abounding. Yet, even as the growth of the city’s economy reached historic heights, a crisis of inequity persisted in Black and brown communities, who were facing higher rates of unemployment, less investment and growth, poorer health

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  • Max Politics Podcast: A Vision for Limited Government in New York

    The Capitol Building in Albany New York (photo: Mike Groll/Governor's Office)


    March 16, 2022 - Max Politics Podcast: A Vision for Limited Government in New York

    Peter Warren, research director at the Empire Center for Public Policy, joined the show to discuss a limited government vision for New York's economic and fiscal policies, including lowering taxes and reducing government spending.

    Listen to the conversation and let us know what you think, on Twitter @TweetBenMax. You can listen to the show through the embedded

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  • Legislators Introduce Bill to Extend and Expand NYC Freelancer Protections Across New York State

    freelance photography photo dca

    Freelance photography (photo: NYC Department of Consumer & Worker Protection)


    In 2017, New York City’s “Freelance Isn’t Free” legislation took effect, giving gig workers crucial protections against exploitation and wage theft. State Senator Andrew Gounardes and Assemblymember Harry Bronson are now attempting to replicate the law state-wide with a new bill they introduced on Thursday that would expand state labor law protections to freelancers.

    The bill from Gounardes, a Brooklyn Democrat, and Bronson, a Rochester Democrat,

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  • 'An Unprecedented Job Program': Adams Promises Overhaul of Workforce Development in New York City

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    Mayor Adams at a small business (photo: office of Eric Adams)


    New York City’s wounded economy and the rise and fall of key sectors during the pandemic has heightened pre-pandemic concerns about the match between the labor needs of employers and the skills of hundreds of thousands of jobseekers. Eric Adams made better preparing the city's workforce a major area of focus as he pitched his vision of the city's recovery to New Yorkers in his successful campaign for mayor.

    "We are going to launch an unprecedented job program to link

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  • Identifying Programs from Elsewhere to Boost New York City's Economic Recovery and Transformation

    resource fair nyc jobs

    NYC resources for city residents in need (photo: Ed Reed/Mayor's Office)


    As the economic recovery from the covid pandemic continues to change the job market, experts are looking across the Hudson at a new model to get New York City's workforce ready for the leading sectors of the future.

    In June, New Jersey launched Pay It Forward, a bond initiative to fund workforce training programs for good-paying jobs in growing industries as part of an effort to address the lack of short-term education options for low-income residents. Economists and

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  • Make Workforce Development Essential to Neighborhood Rezonings, Report Says

    nyc resource fair

    New York City resource fair (photo: Ed Reed/Mayor's Office)


    As New York City government changes land use rules and invests in communities through rezonings, it should make workforce development a key piece of the equation, according to a new report recently released by the Center for an Urban Future and JobsFirstNYC, two non-profit organizations focused on equitable growth in the city. This is especially true, the report says, given the economic impacts of the pandemic, whereby the city is still down roughly 500,000 jobs.

    “Rezonings, which by definition are

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