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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

Inside The Story

Partnership for New York City

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Economy