New York City New York Income Charts

This section shows the New York City New York economy using the most recent economic analysis from the 2021 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, New York City depicts it has a Median earnings of $57,312 which is the third most median earnings of all other places in the greater New York City region. The city with the highest median earnings per worker in the area is Hoboken which shows a median earnings of $101,348 (76.8% larger). Comparing median earnings per worker to the United States average of $50,459, New York City is 13.6% larger. Also, compared with the state of New York, median earnings per worker of $56,743, New York City is only slightly larger.

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $67,046 which is in the mid point range of other places in the metropolitan area. The city with the highest median household income in the area is Hoboken which shows a median income of $153,438 (approximately 2.3 times bigger). Comparing median household income to the United States average of $64,994, New York City is only about 3.2% larger. Also, compared with the state of New York, median household income of $71,117, New York City is about 6.1% smaller.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 38.8 which is less than most other places in the greater region. The city with the highest average hours in the area is Hoboken which depicts an average hours of 43.8 (12.9% larger). Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $28.41 which is the third most of all other places in the metro area. The city with the highest average hourly earnings in the area is Hoboken which indicates an average hourly earnings of $44.50 (56.6% larger). Comparing average hourly earnings to the United States average of $25.01, New York City is 13.6% larger. Also, in comparison with the state of New York, average hourly earnings of $28.49, New York City is about the same size.

Figure 7 examines the number of self employed people in the New York City metro area based on the number of people who reported any self employment income. New York City shows it has a Self Employed of 11.1% which is the third most of all other places in the metropolitan area. The city with the highest percentage of people self employed in the area is Union City which depicts a percentage self employed of 11.5% (only about 3.8% larger).

Turning our attention to Figure 8, the median household income by age group, it has one of the largest proportions of median income-under 25 years at $83,313 of the total and is ranked #3. Only #2 Jersey City ($102,244), and #1 Hoboken ($183,157) are larger. Second, it has less than most other places in the area as measured by median income-25 to 44 years at $72,156 of the total. Third, it has in the center range of other places in the greater region in order of median income-45 to 64 years at $40,464 of the total.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 15.1% which is the second most households with retirement income of all the places in the greater New York City region. The city with the highest households with retirement income in the area is Bayonne which depicts a households with retirement income of 18.0% (19.0% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has one of the largest proportions of overall family income at $106,585 of the total and is ranked #2. The only larger city being Hoboken with $201,320. Second, it has in the mid range of other places in the local area as measured by white family income at $63,561 of the total. Third, it has one of the largest proportions of black family income at $51,805 of the total and is ranked #3. Only #2 Jersey City ($52,500), and #1 Union City ($70,982) are larger. Also, it has the smallest proportion of american indian family income at $73,630 of the total. In addition, it has the largest proportion of asian family income at $45,891 of the total and is ranked #1. Furthermore, it has one of the largest proportions of hawaiian family income at $51,984 of the total and is ranked #3. Only #2 Bayonne ($53,679), and #1 Jersey City ($54,486) are larger.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. New York City shows it has the hightest cost of 182.0 for the cost of housing group.

New York City New York Labor Force Charts

The next two charts look at very recent, monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2020, the Covid 19 recession or great recession occurred and affects this metric. . It depicts that from January 2010 to before the Coronavirus Pandemic the monthly unemployment rate went from 10.5% to 4.2% in March 2020. This represents a decrease in the monthly unemployment rate of 60.0%. Since that time, the monthly unemployment rate has gone to 10.2% This represents an increase in the monthly unemployment rate of 142.9%. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. . It depicts that from January 2010 to before the Wuhan Coronavirus/COVID Pandemic the monthly labor force participation went from 3,950,500 to 4,077,380 in March 2020. This represents an increase in the monthly labor force participation of 3.2%. Since that time, the monthly labor force participation has gone to 3,985,090 This represents a decrease in the monthly labor force participation of 2.3%.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows New York City depicts it has a Unemployment Rate of 4.2% which is in the mid range of other places in the local area. The city with the highest unemployment rate in the area is Guttenberg which depicts a rate of 5.0% (19.7% larger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. New York City shows it has a Labor Force Participation of 63.5% which is the smallest in order of participation rate of all the other places in the metro area.

The Components of Employment Status graph in Figure 18 shows the composition of the labor force broken down by employed, unemployed, and not in the labor force (but 16 years of age or older). New York City has the largest proportion of unemployed at 36.5% of the total and is ranked #1.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. New York City shows full time employees approximately 3.8 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater New York City area. New York City shows it has a Single Earner Families of 30.9% which is the second smallest when sorted by families with a single earner of all the other places in the metro area. The city with the highest families with a single earner in the area is West New York which depicts a single earners rate of 37.9% (23.0% larger). The percentage of families with no one working is depicted in Figure 22. New York City depicts it has a Families with No One Working of 15.0% which is more than all other places in the greater New York City region.

New York City New York Poverty Charts

The next section details economy analysis about poverty for residents of the New York City community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. New York City depicts it has a Total In Poverty of 1,423,230 which is at the top of all other places in the greater New York City region.

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. New York City indicates it has a Percent of Population In Poverty of 17.3% which is the third most percent of people earning less than the poverty level of all other places in the greater New York City region. The city with the highest percent of people earning less than the poverty level in the area is Union City which depicts a percent of people in poverty of 19.7% (14.2% larger).

The next chart, Figure 26, shows the percentage of people in poverty by racial group. New York City has the largest proportion of american indian poverty rate at 16% of the total and is ranked #1. Second, it has one of the largest proportions of asian poverty rate at 26% of the total and is ranked #2. The only larger city being Bayonne with 66%. Third, it has the largest proportion of hawaiian poverty rate at 24% of the total and is ranked #1.

Figure 27 shows key poverty statistics for groups based on marriage status. New York City has one of the largest proportions of married with children and in poverty at 38% of the total and is ranked #3. Only #2 Jersey City (43%), and #1 West New York (44%) are larger. Second, it has one of the largest proportions of unmarried with children and in poverty at 42% of the total and is ranked #3. Only #2 Jersey City (46%), and #1 West New York (50%) are larger. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) New York City depicts it has a Public Assistance Percent of 20.1% which is the third most households with public assistance of all other places in the greater New York City region. The city with the highest households with public assistance in the area is Union City which depicts a households with public assistance of 22.6% (12.1% larger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). New York City depicts it has a Gini Index of 54.7% which is more than all other places in the greater region.

New York City New York Work Commute Charts

The following set of charts detail a variety of metrics that have economic impact, economic grow factors and economic development metrics in the New York City community and has an impact on other factors such as economic growth, population growth, economic recovery, job growth, etc.. Figure 32 shows a high level view of how the population commutes to work (including the percent of people who work from home.) New York City has the largest proportion of people who drive a car or motorcycle to work at 53% of the total and is ranked #1. Second, it has the largest proportion of people who take public transportation to work at 11% of the total and is ranked #1. Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown New York City or elsewhere.) New York City has the percentage of people who drove alone the second smallest as measured by people who drove alone of all the other places in the greater region at 22% of the total. Second, it has the smallest proportion of people who take the bus at 10% of the total. Third, it has the largest proportion of people who take a Subway or elevated rail at 41% of the total and is ranked #1. Also, it has the smallest proportion of people who take Light rail, streetcar or trolley at 0% of the total. In addition, it has the largest proportion of people who bike at 1% of the total and is ranked #1. Furthermore, it has the largest proportion of people who walked at 10% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. New York City has the largest proportion of people who leave for work between 830 am to 9am at 12% of the total and is ranked #1.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. New York City has the percentage of people with commute time between 5 to 9 minutes the second smallest when sorted by people with commute time of less than 5 minutes of all the other places in the local area at 5% of the total. Second, it has the largest proportion of people with commute time between 45 to 59 minutes at 19% of the total and is ranked #1. Third, it has the largest proportion of people with commute time between 60 to 89 minutes at 8% of the total and is ranked #1.

The average commute time is shown in Figure 37. New York City shows it has a Avg Commute Time of 41 which is the largest of all places in the greater New York City region. Figure 38 shows the difference between male versus female commuting time. New York City shows average commute time in minutes for men only about 5.0% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and New York City has the smallest proportion of no vehicle available at 34% of the total. Second, it has the second smallest when sorted by no vehicle available of all the other places in the local area as measured by 1 vehicle available at 15% of the total. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) New York City shows it has a Work in city or place where live of 93% which is ranked #1 of all places in the greater New York City region. Comparing people who both work and live in the same city to the United States average of 43%, New York City is about twice as large. Also, in contrast to the state of New York, people who both work and live in the same city of 60%, New York City is 55.7% larger.

New York City New York Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. New York City depicts it has the hightest median earnings of $100,738 for the management, business, and financial occupations category. Similarly, Figure 47 shows the median earnings of women for the job categories and New York City shows it has the hightest median earnings of $83,703 for the management, business, and financial occupations grouping. The table in Figure 48, shows New York City employment data in terms of job categories and salary data.

New York City New York Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. New York City depicts it has the hightest entrepreneurs of 56% for the self employed management, business, science, and arts businesses classification.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. New York City depicts it has the hightest entrepreneurs of 24% for the self employed in professional, scientific, management, administrative services category.

In Figure 51 the average annual self employment/entrepreneur income is shown. New York City depicts it has a Self Employment Income of $47,565 which is the third most average annual self employment income of all other places in the greater New York City region. The city with the highest average annual self employment income in the area is Guttenberg which depicts an average annual self employment income of $55,405 (16.5% larger). Comparing average annual self employment income to the United States average of $40,101, New York City is 18.6% larger. Also, measured against the state of New York, average annual self employment income of $45,938, New York City is only about 3.5% larger.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) New York City depicts total number of self-employed men 49.6% larger as the total number of self-employed women.