The New York City Economic Development Center (NYCEDC) has announced the launch of a new monthly economic snapshot report, which aims to collect key data and information believed to closely track measurement of the city’s economy.
The NYCEDC is a nonprofit organization driven by their mission to create shared and equitable prosperity across NYC communities by strengthening good available jobs as well as improving and reinforcing neighborhoods and city communities.
Data collected and analyzed for this report was conducted by NYCEDC’s Economic Research and Policy Team, and this report will now be released on a monthly basis – at the end of each month – to help connect community members with economic resources and guidance.
Four primary areas of report tracking will include the business activity, the labor market, real estate, tourism and transit.
Each of these areas will be analyzed and consist of multiple sets of data taken from different sources, and will also include a “key findings” analysis.
“The Snapshot helps inform NYCEDC’s work not just in leading the city’s recovery from COVID, but in building a more vibrant and inclusive economy for the future,” said NYCEDC President and CEO, Andrew Kimball in a statement on Oct. 27. “As new significant data sets emerge, the Snapshot will continue to evolve to best capture the state of the city’s economy.”
Some of the most relevant findings of this month’s report include; business conditions gaining strength with one in 10 businesses having started in the last year, return-to-office metrics are trending up, the Arts, Entertainment & Recreation sector has added 5,200 jobs in September, venture capital funding is on track for its second-best year in history, the NYC metro area added over 450,000 jobs in the last year leading all metros in the US and the city’s unemployment rate fell to 5.6% – a new post COVID low.
Thursday’s comprehensive report can be found on our website here with data collection and analysis done by NYCEDC’s Economic Research & Policy team.
For more information about the NYCEDC cause and mission, visit their website, edc.nyc.
amNewYork Metro is currently awaiting response from the Comptroller’s Office.
