re: October economic report

A deep dive into NYC's creative economy.   No. 94 - October 16, 2024 New York by the Numbers Monthly Economic and Fiscal Outlook [READ MORE]( Photo Credit: Volodymyr TVERDOKHLIB   A Message from the Comptroller Dear New Yorkers, I hope you’re settling into autumn and enjoying your favorite part of the season – whether it’s cooler weather, colorful leaves, planning your kids’ (or your own Halloween costume, or the Mets’, Yankees’, or Liberty’s drives for a championship for NYC. Hopefully we’ll get a long-overdue ticker-tape parade)! For many, though, I know this fall also brings sources of anxiety. The federal election next month provides real cause for concern about the future of our democracy, given efforts to deny election results and threaten established norms for the federal workforce, regulatory practices, and civil rights that provide the grounding for our economy and shared thriving. This month’s national economic news provide evidence that the economic practices of the Biden/Harris Administration have helped to tame inflation and support economic growth, with the Federal Reserve lowering interest rates last month, with the goal of keeping the economic expansion going. Closer to home, one big source of anxiety is the chaos and instability at City Hall, with the Mayor being indicted for alleged violations of bribery, wire fraud, conspiracy and soliciting campaign contributions from foreign nationals. Despite this news, I want to make clear that investors can be confident that New York City’s credit is strong. The management of the City’s finances is in the hands of professional staff that operate independently of political winds. Policies established 50 years ago ensure strong discipline and governance, including the payment of debt service on the City’s bonds, and have carried us through numerous challenges. We can and should learn from experience and continue to strengthen the City’s governance, of course. That’s why my office has proposed reforms that would provide [A Stronger Fiscal Framework for New York City]( and [Prevent Corruption in Procurement](. Finally, if you need some relief to this fall’s anxieties, New York City’s creative industries – our theaters, museums, concert venues, fashion shows, creative media, and more – are a great place to find it. This month’s [Spotlight]( finds the sector has emerged strongly from the pandemic and continues to be a critical part of our city’s economy, wellbeing, and thriving future. Brad Lander   Table of Contents - [The U.S. Economy]( - [New York City Economy]( - [City Finances]( Highlights - The Federal Reserve has shown confidence in reduced inflation and is lowering interest rates while the economy still appears to be growing well. - Meanwhile, there is still little in the way of NYC private employment growth outside of the health/social services sector. - Growth in home-based care services have been responsible for much of the growth in the health/social services sector, both before 2020 and especially after. Relying largely on publicly funded health benefits, these services may face future constraints on their growth as the State responds to accelerating Medicaid costs. - The most desirable office buildings show much higher physical presence rates than their more ordinary counterparts. While partly due to higher occupancy rates, it also appears they get greater in-office attendance rates for their occupied space. - NYC’s commuter rail services have had significant growth in ridership over the past 18-months, rising to 88% of pre-pandemic ridership while paid NYC subway usage has remained flat below 70%. - Final numbers on FY 2024 tax revenues show that they grew by 1.0% over the prior year. This was 4.3% above the City’s initial tax revenue forecast made prior to the start of the FY. Total NYC tax revenues have not fallen in any year starting before the pandemic and throughout the recovery, a testament to New York City’s diversified economy and tax base. [View the October Newsletter](     Spotlight NYC's Creative Economy This month’s Spotlight focuses on New York City’s Creative sector and workforce, following up on this office’s comprehensive 2019 report. Our analysis finds that this group of industries is highly concentrated in New York City and that this segment of the local economy showed resilience emerging from the pandemic. [View the Spotlight](     In Case You Missed It Over the past month, the Office of Comptroller released the following announcements on the state of NYC’s economy and finances: - [Statement from NYC Comptroller Brad Lander on the City’s Credit and Upcoming Bond Sale]( - [Statement by Comptroller Lander on Judge Denying Gov Hochul’s Motion to Dismiss Congestion Pricing Lawsuits]( - [New York City Comptroller Brad Lander Delivered Remarks at the Association for a Better New York]( - [NYC Comptroller Lander, Mayor Adams Announce New York City’s Third Issuance of Social Bonds, Investments That Support Affordable Housing]( - [New York City Comptroller Brad Lander Announces Investment with NYC Investment Manager, American Triple I (ATI)]( - [NYC Comptroller Lander Unveils Four Step Plan to Guard Against Corruption in City Government Contracting]( - [Good Jobs and the New York City FRESH Program: Evaluation and Recommendations](   [Facebook]( [Twitter]( [Instagram]( [Office of the New York City Comptroller Brad Lander]( Office of the New York City Comptroller Office of New York City Comptroller Brad Lander 1 Centre Street New York, NY 10007 United States   This email was sent to {EMAIL}. 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