Peck on NYC economy resilience despite headwinds
Peck reports labor force participation at all-time high, commercial leases at strongest since 2019, VC investment strongest since 2021, and 2.1 million residents aged 18-34, while acknowledging affordability challenges.
Despite continued national and international headwinds, New York City's economy remains resilient.
Labor force participation is at an all-time high.
Real estate and citywide vacancies continues to improve.
Venture capital.
investment in our city reached its strongest quarter in five years.
And the city continues to attract more college graduates, with one in four New Yorkers, or 2.1 million residents, who live in New York City between the ages of 18 and 34.
Yet, we know we are continuing
to face real challenges as well as the increasing pressure of affordability.
We know that far too many New Yorkers feel the city they love is becoming more and more unaffordable.
For this reason, EDC takes a forward-looking approach to economic growth and development.
We will continue to use every tool in our toolbox to build a more economically just New York City.
Today, I'll use my time to share a handful of updates on work that has seen significant progress since March.
These initiatives are advancing mayoral priorities on affordability.
And represent major wins for the city and working people.