Inside NYC’s 2024 Economic Comeback

What happened to New York City’s economy in 2024? According to the inaugural State of the Economy Report from the NYC Economic Development Corporation, the city is breaking records, leading in innovation, and diversifying its industries — all signs of steady growth.

Here are some of the report’s key findings:

• The job market is strong, reaching an all-time high of 4.7 million total jobs in 2024, with labor force participation also setting new records.

• NYC has diversified its economy. Tech sector employment grew by 32% over the past five years, while life sciences and financial services contributed more high-wage jobs. In sheer numbers, health care and the green economy are the largest share of job growth.

• The AI transformation is well underway, with over 2,000 AI startups now headquartered in NYC. Now the challenge is to train the workforce how to use AI tools to improve productivity and move up the career ladder.

But there’s still work to be done. Wages have not kept pace with inflation and housing affordability has reached a crisis due to the inadequate high cost and slow pace of new housing construction and rising rents.

Want the full picture? Check out the report to learn more about New York's current economic situation.

We’re excited about the growth our economy saw in 2024 and ready to work together to build on this momentum in the year ahead.

Data shared recently by Vital City underscores the alarming rise in violent crime on the subway, raising urgent questions about safety underground and highlighting the importance of addressing issues from recidivism to discovery laws and mental health to make our city safer for everyone.