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Partnership for NYC Sees Renewed Momentum in City’s Economy
The city’s economy is gaining momentum as tourism, transit ridership and employment have rebounded after stagnating during the spread of the omicron variant, the Partnership for New York City reported. City sales tax collections through January exceeded expectations by $1.6 billion.
Among highlights cited in the Partnership’s latest research study:
- 7% unemployment rate in February, down from 7.6% in January and a peak of 21% in May 2020.
- The city added 25,300 private-sector jobs in February, the largest monthly gain since October 2021.
- As of February 2022, the city has recovered 647,100 jobs, or 71% of the 909,300 private-sector jobs lost during the early months of the pandemic.
- Although 84% of employees surveyed by the Partnership and Morning Consult say conditions in the city have worsened since the beginning of the pandemic, 72% of employees express a commitment to New York City and want to be part of its recovery
- ◦Economy
