NYC's Economic Boom Driving High Tax Collections, DiNapoli Says

  • City surplus will likely be $330 million more than predicted
  • Wall Street employs 8 percent fewer workers than in 2008

New York City’s robust economy will produce more-than-anticipated tax revenue, creating a $465 million surplus, $330 million more than Mayor Bill de Blasio projected in his current budget, state Comptroller Thomas DiNapoli said in a report.

“This is shaping up to be another solid year for the city,” DiNapoli said Tuesday in a statement. “Job growth in the five boroughs has been strong, helping to drive revenues up.”

The city added a record 120,000 jobs in 2014 and is on pace to add 100,000 this year, the comptroller said. Wall Street profits are likely to exceed last year’s $16 billion, he said.

Job growth has outpaced that of the nation and the state, and the city’s unemployment rate of 4.8 percent in October hasn’t been that low since before the financial crisis, DiNapoli said. Since November 2009, New York has added more than 500,000 jobs, four times more than were lost during the downturn. 

Among them were 2,300 securities jobs added in 2014, the first full year of gains in the industry since 2011, the report said. As of October, the industry was on pace to add 5,000 jobs in 2015. Industry profits grew by more than 23 percent during the first three quarters to $14.5 billion. Even with the gains, the industry remains 8 percent smaller than it was before the financial crisis, according to the report.

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