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The city has recovered much of the land lost to the coronavirus pandemic. The return of Donald J. Trump to the White House could disrupt this recovery.
By Stefanos Chen
New York City’s economy has come back to life in 2024, with record levels of employment and tourism almost back to its pre-pandemic peak.
But uncertainty clouds the outlook for the new year, as the city braces for potentially dramatic policy changes under President Donald J. Trump, who has promised mass deportations of immigrants, high tariffs and a pullback on federal funding of city and state programs.
And some of New York’s gains, analysts say, mask a growing source of revenue shortfalls and an affordability crisis that could worsen under the next administration.
There were an average of 4. 15 million personal sector jobs in New York as of September, an all-time high, and 83,000 more than the pre-pandemic peak, according to a report from the City’s Economic Development Corporation. city. The city regained all jobs lost to the pandemic for the first time in 2023.
The percentage of New Yorkers who had a job or were up for one, a snapshot of the city’s economic energy called “labor force participation,” reached just about 63 percent, the highest on record. During the pandemic, the same measure fell to 52%, said Melissa Pumphrey, senior vice president of the economic progression group.
“The fundamentals for our labor force are strong,” she said. “And people, especially young people, want to live here.”
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