"The latest CBC tracker found that between 2019 and 2023, New Yorkers who moved out of the city made $68 billion more than those who moved in, indicating a significant income shift."
"Andrew Rein pointed to the rise in domestic out-migration, which increased to 114,025 from 94,024, and the sharp drop in international immigration, leaving the city with a smaller population in 2025."
"Despite having 129,000 more private-sector jobs than in January 2020, job growth slowed in 2025, particularly in trade, food service, accommodation, and construction sectors."
New York City's economy grew faster than the national average in 2024, with job additions primarily in finance. However, a Citizens Budget Commission analysis reveals troubling trends, including a loss of residents and taxable income, declining public school enrollment, and rising housing costs. Between 2019 and 2023, out-migration resulted in a $68 billion income shift. The city has 129,000 more private-sector jobs than in January 2020, but job growth has slowed, particularly in sectors like trade and construction, indicating underlying economic challenges despite some positive indicators.
Read at www.amny.com
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