New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Growth in Nightlife Outpaces Rest of NYC Economy
The city that never sleeps owes a lot to all that nightlife. Specifically, 299,000 jobs, $13.1 billion in employee compensation, and $35.1 billion in total economic output annually.
That’s the topline finding of the first-ever economic impact study of New York’s nightlife industry. Conducted on behalf of the city’s Office of Media and Entertainment, the study found that the nightlife sector is growing faster than the rest of the local economy.
Nightlife-related jobs and wages are growing at annual rates of 5% and 8% respectively. That compares to 3% and 4%, respectively, in the city overall.
Contributing to the total economic output of nightlife is the ancillary impact on the city’s economy from additional spending on retail, transportation, lodging and other services that occurs only because people are partaking of the city’s nightlife. For example, nearly one-third of all taxi and vehicle-for-hire rides are nightlife-related.
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
