New York, NY — New York City’s economy picked up in the spring and summer of 2017, according to a new analysis from New York City Comptroller Scott M. Stringer. The new quarterly report found economic growth of 3.3% in the second quarter of this year — more than double the growth from the same quarter last year. The report also highlighted record-setting jobs numbers, rising venture capital investment, and leading economic indicators that point to growth.
“Since the Great Recession, our growth has outpaced other cities and states — and New York City seems to be hitting its stride. From record-high job numbers, to more robust wages, to new investment, we’re seeing a stronger economy than at any time in recent memory,” New York City Comptroller Scott M. Stringer said. “But our work isn’t done. We must have an economy that delivers for everyone. Yet, the majority of jobs we’re creating are in low-wage industries — and New Yorkers are still suffering from a crisis of affordability. We have to ensure that the jobs we’re creating are good-paying ones, and as the uncertainty in Washington grows every day, we have to prepare now for whatever could come down the road.”
Released every three months, the Comptroller’s Quarterly Economic Update tracks important data on New York City’s economic health, as well as analyzes the City’s economy in a national context.