It’s not all doom and gloom, however; revenue is high and revised tax receipts are up this year. Still, New York remains a city of contradictions.

The stock market is at an all-time high — the Dow above 50,000 for the first time ever — yet nearly 90,000 New Yorkers slept in our shelters last night.

New York City is home to more billionaires than any other city in the world. And yet nearly one in four New Yorkers live in poverty. That’s 2 million people, including 420,000 children.

And this month’s New York by the Numbers, our monthly economic snapshot, reflects that disconnect.

While New York City’s office market has continued its steady and robust rebound in early 2026, job growth remains stagnant, with weekly jobless claims creeping upward in January and persistent hiring challenges for recent graduates which could further hamper future job growth.

Rents continue to soar, which means shelter costs and the City’s contribution to rent subsidy programs are also rising. At the same time, New York City remains a preeminent destination with tourism numbers coming in stronger than last January and higher consumer confidence than the rest of the country.

These contradictions are also evident in the City’s budget. With a fiscal gap not seen since the Great Recession, all options are on the table and a stronger partnership with Albany will be essential — after all, New York City sends far more money to the state than we receive in return; by one recent estimate, more than $20 billion.

If we act now with clarity, urgency, and a real partnership with Albany, we can create a more resilient fiscal foundation, steel ourselves for the uncertainty ahead, and be a city and state that leaves no one behind.

As always, we will continue to track these trends closely and share clear, data-driven insights to help New Yorkers understand what’s happening in our economy, and what it means for the City’s future.

Sincerely,