Dashboard NYC

The Partnership publishes a quarterly dashboard of key indicators to measure progress or slippage in the city’s private and public sectors.


Dashboard NYC

Q4 2017 Dashboard

Data for the fourth quarter of 2017 shows a record number of jobs, a dramatic spike in downstate VC investment and a further decline in subway reliability.

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Total Jobs

↑ 1.5%

Q4 2017: 4.5 million
Q4 2016: 4.4 million

 

Unemployment Rate

↓ 0.4%

 

Long-Term Unemployment Rate

↓ 0.4%

 

Underemployment Rate

↓ 0.3%

Inclusive of residents who have given up looking for work and part-time workers looking for full-time employment.


Change in Employment by Sector

Sector Total Change
Financial Services 341,600 9,500
Health Care 723,000 22,900
Media/Publishing 190,800 -5,900
Professional Services 753,500 14,600
Leisure & Hospitality 450,900 10,200
Retail 353,700 -6,900
Government 558,500 900
Construction 158,800 10,200
Education 261,900 2,300
Real Estate 135,300 4,400
Manufacturing 74,900 -700
Other 476,200 5,900

Most sectors enjoyed robust job growth, but Retail, Media/Publishing and Manufacturing lost jobs year-over-year. Retail took the biggest hit and had the lowest Q4 jobs total since 2012.

  • Number of Job Openings
    Q4 2017: 104,000
    Q4 2016: 111,000
  • Wage Growth

    ↑ 1.5%

Private Sector

  • Commercial Vacancy Rate in Manhattan

    ↓ 0.4%

  • Commercial Rent in Manhattan

    ↓ 0.8%

  • Total VC Investment
    Downstate New York

    ↑ 43.1%

  • VC Investment in Tech
    Downstate New York

    ↑ 48.6%

Bloomberg Index

↑ 10.4%

The Bloomberg Index tracks the share prices of 100 of the largest companies headquartered in the greater New York City area.

Competitor Markets

Overall Employment Growth Rate

Job growth in New York City trailed Dallas (+2.7%) and Boston (+2.5%), San Jose (+1.9%) and San Francisco (+1.6%), but outpaced Los Angeles (+1.0%) and Chicago (+0.7%).


Labor Force Participation

New York City: 69%
London: 79%

Labor Force Participation refers to the percentage of the working age population (aged 16–64) either working or actively looking for work. These rates reflect October–December 2017.


VC Investment Growth Rate 

Venture capital investment spiked 43.1 percent in Downstate New York, compared to 45 percent growth nationwide. Compass was the largest New York deal in Q4, while New York City-based Lemonade received more funding than any AI company nationwide.

City Budget

  • All City Tax Revenue

    ↑ 10.3%

    The increase in tax revenue was primarily driven by higher property tax, personal income tax and sales tax receipts.

  • Property Tax Revenue

    ↑ 10.0%

  • Sales Tax Receipts

    ↑ 7.3%

  • City Spending

    ↑ 1.3%

    The increase in tax revenue was primarily driven by an increase in Social Services spending.

Quality of Life

    • Reported Violent Crimes

      ↓ 4.4%

    • Reported Non-Violent Crimes

      ↓ 3.4%

    • Reported Murders

      ↑ 31.8%

    • Both violent crime and non-violent crime dropped substantially year-over-year, driven by large decreases in robberies and grand larcenies. Murders increased in Q4 due in part to the terrorist attack on October 31, but were down 13.4 percent over the entire year.
    • Subway Reliability

      ↓ 0.9%

      Just 63.3 percent of weekday subways reached their scheduled terminal on time, down from 64.3 percent last year. The D Line declined the most, with on-time trains tumbling 12.4 percent.

  • Traffic Collisions

    ↑ 2.0%

  • Homeless in Shelters

    ↑ 1.0%

Housing

Average Home Sale Price

↓ 0.8%

Includes condos, co-ops, and one to three family dwellings.

Residential Construction Permits

↑ 18.4%

How are Crime and the Economy Intertwined?

Over the past decade, New York City’s economic growth and decreasing crime have complemented one another to create a safer and more prosperous city.

Steady decreases in crime have corresponded with record levels of FDI and venture capital investment. Simultaneously, a strong economy has deterred crime as labor participation has improved for the most vulnerable New Yorkers.

Although the relationship between crime and the economy is complex, both economic growth and crime are trending in the right direction; it’s highly unlikely that’s a coincidence

As New York’s Economy Grows, Crime Decreases

Download Q4 2017 Dashboard →