Op-ed: Don’t believe the doom-loop hype

November 16, 2023


Crain’s New York Business
By Kathryn Wylde

New York City just marked a critical milestone in our recovery from the pandemic, with the announcement that jobs in the five boroughs surpassed 4.7 million — an all-time high. More than one year ahead of projections, the city recovered all the private sector jobs lost during the Covid-19 pandemic.

Once again, the city’s economy has proven far more resilient than doom-loop prognosticators would have us believe. Despite high taxes and a political climate that is often hostile to business, New York remains a magnet for global talent and private investment. Employers are committed to a city that offers access to the most productive and diverse workforce in the world.

New York was down almost a million jobs in 2020, at the height of the pandemic, but many core industries — financial and professional services, health care and technology — never lost a beat. The city’s GDP quickly rebounded to about $900 billion, tying us with Tokyo as the world’s largest urban economy, and is projected to grow by 2% to 4% this year.