Report Also Finds That Partnership for NYC Member Companies Support More Than 940,000 Jobs, Contribute $13.5 Billion to City and State Economies

The Partnership for New York City today released a new report detailing the significant economic contributions of its member companies, a group made up of more than 300 corporate, investment, and entrepreneurial firms that support hundreds of thousands of jobs across New York City.

The report confirmed that Partnership for New York City’s member companies support approximately 944,000 jobs citywide, including more than 505,000 direct hires. Their operations contribute about $370 billion annually to New York City’s GDP, including $281 billion in direct contributions, and generate approximately $13.5 billion in city and state revenue through business, sales, and other taxes. Together, they account for about one-third of New York City’s business income tax collections and over 36% of the state’s business income tax collections, funding essential public services like education and transit.

The Partnership’s financial services members alone support the employment of over 317,000 people, contributes $209 billion to city GDP, and pays $7.3 billion in combined city and state taxes, supporting nearly 10% of private sector jobs.

The report also outlines how proposed changes to New York’s business and tax environment could put the future of these contributions at risk, particularly from the city’s productive financial sector. The Partnership projects that the city could lose 2,778 jobs, $4.8 billion in GDP contributions, and $168 million in tax contributions per year over the next five years under a less business-friendly economic environment. These projections are based on widely cited studies from the International Monetary Fund, National Bureau of Economic Research, and the American Economic Journal, which illustrate the potential impacts in employment growth associated with stricter tax and regulatory policy.

The findings underscore the member companies’ role as a major driver of economic growth at a time when proposed changes to New York’s business and tax environment — alongside persistent national headwinds — put the future growth of the city’s economy at risk.

“New York’s business community continues to play a major role in lifting the city and state economies. But under the high-tax proposals that are advancing through City Hall and the State Legislature, thousands of jobs and millions of dollars in tax revenue could be at risk,” said Steven Fulop, President and CEO of the Partnership for New York City. “This report should send a clear message: if New York wants to remain a global business capital, policymakers must support an environment that encourages growth, innovation, and job creation.”

The report is based on data models using the IMPLAN 2024 Data Year.

The full report is available at pfnyc.org.