In the United States, the New York City Economic Development Center (NYCEDC) has declared the launch of a new monthly economic snapshot report, whose objective is to collect key data and information believed to closely track the measurement of the city’s economy.
The NYCEDC
NYCEDC is a self-sustaining non-profit organization that was developed to drive and shape New York’s economic growth.
NYCEDC is charged with leveraging the New York City’s assets to drive growth, create jobs, and enhance the quality of life.
Because of its extraordinary structure, NYCEDC uses its revenue to make both fiscal contributions to the City and long-term strategic investments.
The NYCEDC also assists with projects throughout the City on an optional basis. Projects may be firms or non-profits, and the aid provided may take advisory, financial, and other forms.
NYCEDC’s first monthly Economic Snapshot
The data collected and assessed for this report was conducted by NYCEDC’s Economic Research and Policy Team, and this report will now be released every month (at the end of each month) to help connect community members with economic resources and guidance.
Four key areas of report tracking will include business activity, the labor market, real estate, tourism, and transit.
Each of these areas will be evaluated and consist of many sets of data taken from different sources, and will also include a key findings analysis.
The New York City Economic Development Center is pleased to release its first monthly Economic Snapshop and a few highlights from this report include the following:
- The labor market continues to heal and business activity is strong.
- The Arts, Entertainment & Recreation area added 5,200 jobs in September, which is good news for an industry that was hit hard by COVID.
- Venture capital funding is on track for its second-best year ever, indicating the city’s role as an international financial hub.
- The New York City metro area has added over 450,000 jobs over the past year.
The Snapshot helps inform NYCEDC’s work in leading the city’s recovery from COVID and also builds a more vibrant and inclusive economy for the future.
As new important data sets emerge, the Snapshot will continue to progress to best capture the state of the city’s economy.
The NYCEDC is mission-driven and it creates shared prosperity across New York City by bolstering neighborhoods and creating good jobs.
Being a global business hub, New York is a city to invest in, either through real estate or others. Contact your Damalion expert now to know more.
