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AGENCY TESTIMONY
Economic outlook and tax revenue projections for New York City
0:11:42
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72 sec
Director Jiha presents a positive economic outlook for New York City, highlighting strong employment, rebounding population, and recovering tourism. This economic growth has led to increased tax revenue projections.
- Employment at an all-time high with declining unemployment across demographics
- Tourism near record levels and Wall Street posted near-record performance in 2024
- Tax revenue forecast revised upward by $1.7 billion in FY 2025 and $1 billion in FY 2026
- Projected tax revenue growth of 8% in FY 2025, slowing to 1% in FY 2026
Jacques Jiha
0:11:42
First, the economy, like you said, remains resilient.
0:11:47
As a result, the labor market is strong with employment at an all time high and unemployment declining across all demographics.
0:11:56
Notably, unemployment among black and Hispanic New Yorkers has dropped by more than two percentage points since this administration took office.
0:12:07
The city population is also rebounding from the pandemic era dip, and tourism has returned to near record levels.
0:12:17
Additionally, Wall Street posted a near record performance in 2024.
0:12:23
This strong economic growth led to an upward revision in tax revenue forecast over the fiscal year twenty twenty six preliminary budget of $1,700,000,000 in fiscal year twenty five and $1,000,000,000 in fiscal year twenty six.
0:12:39
This represent growth of about 8% in fiscal year twenty twenty five, but tax revenue is projected to grow by about 1% next fiscal year as the economy is anticipated to slow.