The Economic Impact of the Partnership for New York City’s Members

The Partnership for New York City represents more than 300 corporate, investment, and entrepreneurial firms that support hundreds of thousands of jobs across New York City. Partnership member companies are also major economic drivers and taxpayers, supporting essential public services and infrastructure projects across the city and state. At a time of economic uncertainty and structural changes in the labor market, Partnership members play a critical role in sustaining good jobs, maintaining economic momentum, and anchoring the city’s fiscal base. 

Partnership Members as Employers: Supporting Jobs and Mobility

Total Employment: 944,000 jobs citywide

Direct: 505,000
Indirect: 186,000
Induced: 253,000

Partnership member companies range from small and mid-sized firms to some of the nation’s largest private sector employers. Collectively, members directly employ over 505,000 individuals across the five boroughs. Our members also generate substantial indirect (impact of expenditures by employers) and induced (impact of direct/indirect expenditures by employees) jobs through their city operations, supporting a total of ~944,000 jobs in New York City, more than San Francisco’s resident population (830,000).

Partnership Members as Economic Engines: Driving NYC’s Economy

Total GDP Contribution: $370 Billion

Direct: $281B
Indirect: $46B
Induced: $43B

Member companies directly contribute over $281 billion to New York City’s annual GDP. Their operations generate substantial downstream economic activity, bringing total annual GDP contributions to $370 billion, about one-third of the city’s 2025 GDP. This impact reflects the ripple effects from private sector investment, procurement, and consumer spending across the city. If Partnership members and their total economic impact were its own metro region, it would rank in the top 15 nationally.

Partnership Members as Taxpayers: Funding Core Public Services

Total Tax Contributions: $13.5 Billion

NYC Business Income Taxes $3.2B
Other NYC Business Taxes: $2.4B
NYS Business Income Taxes: $5.4B
Other NYS Business Taxes: $2.5B

Partnership member companies are among the largest private contributors to the city and state tax base. Member company operations generate, on average, 33% of New York City's annual business income tax collections and 36% of the state's annual business income tax collections. They also pay other taxes, including sales tax, license taxes and fees, mortgage recording taxes, and stock transfer taxes, totaling $5.6 billion in average annual New York City tax payments and $7.9 billion in state tax payments. These revenues help fund public services and investments that benefit all New Yorkers, like education, transit, and public assistance programs.

Financial Services: New York City’s Most Productive Industry

Impact of the Partnership’s Financial Services Members

Total Employment: 317,531
Annual GDP Contribution: $209 Billion
Annual Tax Contribution (NYC + NYS): $7.3 Billion 

Taken together, these figures underscore why Financial Services is New York City’s most productive industry, supporting almost one in 10 private sector jobs. In 2025, it outpaced every other industry in employment growth, expanding by 3%. Yet proposed changes to New York’s business and tax environment — alongside persistent national headwinds — put the future growth of this industry at risk.