District News

Signs of Progress in NYC

Oct 27, 2020
unemployment and mta ridership graphs

The Partnership for New York City has released a progress report with indicators of the city’s economic status and signs of progress in its recovery from COVID-19. Sustained increases in employment, new business creation, public transit ridership and better-than-expected tax revenues show improvements in the city’s economic health compared to the height of the pandemic in Spring 2020.

The NYC Unemployment Rate in September was 14.1%, down from 16% in August. The September Unemployment Rate in Manhattan specifically was 10.9%, down from August’s 12.9%. New York City’s private sector employment increase by 26,600 jobs in September, and the three industries with the largest employment growth from August were Arts and Entertainment (6% increase), Accommodation and Food Services (4% increase) and Health Care (2% increase).

Additionally, 209 business licenses were issued in September, up 11% from 189 in August. The number of new business licenses has increased for four consecutive months and is up 260% since May.

Public transportation ridership is also on the rise. Subway ridership has surpassed 1.84 million riders on Thursday, October 15, the highest level since mid-March. And, bus ridership surpassed 1.15 million on Wednesday, October 14, the highest level since the resumption of fare collection beginning Monday, August 31.

Click here to read the entire progress report.

Photo credit: The Partnership for New York City