Research Dashboard NYC

Dashboard: Key Economic Indicators of NYC

June 2022

Q1 2022 Comparison to Q1 2021

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

Real Estate

Monthly Employment Snapshot


Spotlight

Recently released data from the U.S. Census Bureau provides insight into changes in New York City’s population since the onset of the COVID-19 pandemic:

  • The pandemic triggered a 3.8% decline in New York City’s population or a loss of 336,677 residents, from 8.8 million as of April 1, 2020, to an estimated 8.5 million as of July 1, 2021.
    • Of cities with at least 100,000 residents, only San Francisco (-6.7%) had a steeper population decline over the same period.
  • Manhattan’s population decline was by far the largest of the boroughs. Manhattan’s population dropped by 117,375 residents, or 6.9%, between April 2020 and July 2021; Manhattan’s July 2021 population fell below its level as of the April 2010 census count.
  • The city’s population loss was fueled by the relocation of city residents to elsewhere in the U.S. Between July 2020 and July 2021, New York City lost a net of 342,449 residents to the rest of the U.S., more than three times the city’s average annual net domestic migration loss of about 98,000 in the years between 2010 to 2019.
    • The pandemic also stunted birth rates and international migration—typically a major contributor to the city’s population growth—as mortality rates increased.

Tax filing data for 2020 from the Internal Revenue Service illustrates how COVID-19 accelerated city residents’ relocations to the region’s suburbs. The top destinations for city residents who left the city in 2020 were Nassau (33,300 relocations), Westchester (25,000) and Suffolk (17,800) counties in New York; Fairfield County in Connecticut (12,200); and Bergen (11,300) and Essex (10,100) counties in New Jersey.

New York City lost a net of 3,419 residents to Miami-Dade County in Florida in 2020—more than twice the net loss in 2019 (1,672). New York City lost a net of nearly 21,000 residents to Florida in 2020, compared to an average annual net loss of about 11,600 residents from 2011 to 2019.

Migration patterns affect the fiscal stability of the city and state. For example, the number of New York City filers with taxable incomes of greater than $100,000 and less than $5 million declined from 2019 to 2020 while the rest of the state saw an increase in filers in this income bracket. The loss of higher-income filers is cited in a March 2022 report from the State Comptroller’s Office. City residents in this income group paid 57% of city personal income taxes in 2019. The top 1% of city filers—earning over $804,000—accounted for 41% of income tax liability.