The State of New York Income Charts

This section shows the New York New York economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, New York depicts it has a Median earnings of $54,588 which is the second most median earnings of all the states in the greater New York region. The state with the highest median earnings per worker in the group is New Jersey which depicts a median earnings of $61,139 (12.0% 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 $68,486 which is the second most median income of all the states in the greater New York region. The state with the highest median household income in the group is New Jersey which depicts a median income of $82,545 (20.5% larger).

The next section examines a variety of different income statistics for the New York metropolitan area. In Figure 3 we see that it it has the largest proportion of earnings less than $10,000 at 6.5% of the total and is ranked #1. Second, it has the largest proportion of earnings between $10,000 and $14,999 at 6.1% of the total and is ranked #1.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 38.4 which is the third most of all other states in the greater region. The state with the highest average hours in the group is New Jersey which shows an average hours of 38.6 ( about the same size). 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 $27.34 which is the second most average hourly earnings of all the states in the greater New York region. The state with the highest average hourly earnings in the group is New Jersey which shows an average hourly earnings of $30.46 (11.4% larger).

Figure 7 examines the number of self employed people in the New York metro area based on the number of people who reported any self employment income. New York shows it has a Self Employed of 10.4% which is at the top of all other states in the greater New York region.

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 $77,409 of the total and is ranked #2. The only larger state being New Jersey with $89,785. Second, it has one of the largest proportions of median income-25 to 44 years at $81,723 of the total and is ranked #2. The only larger state being New Jersey with $101,498. Third, it has one of the largest proportions of median income-45 to 64 years at $46,606 of the total and is ranked #2. The only larger state being New Jersey with $54,430.

Figure 9 breaks down the source of income and New York has the largest proportion of income from wages at 4.5% of the total and is ranked #1.

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 19.8% which is the second most households with retirement income of all the states in the greater New York region. The state with the highest households with retirement income in the group is Pennsylvania which depicts a households with retirement income of 22.4% (13.1% 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 $96,563 of the total and is ranked #2. The only larger state being New Jersey with $110,316. Second, it has one of the largest proportions of white family income at $61,648 of the total and is ranked #2. The only larger state being New Jersey with $66,191. Third, it has one of the largest proportions of black family income at $52,147 of the total and is ranked #2. The only larger state being New Jersey with $75,767. Also, it has one of the largest proportions of american indian family income at $82,631 of the total and is ranked #3. Only #2 Pennsylvania ($91,260), and #1 New Jersey ($132,854) are larger. In addition, it has the largest proportion of asian family income at $62,154 of the total and is ranked #1. Furthermore, it has one of the largest proportions of hawaiian family income at $54,449 of the total and is ranked #2. The only larger state being New Jersey with $60,923.

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 shows it has the hightest cost of 133.3 for the cost of housing classification.

The State of 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 shows that from February 2010 to before the disasterous COVID-19 Pandemic the monthly unemployment rate went from 9.5% to 4.1% in February 2020. This represents a decrease in the monthly unemployment rate of 56.8%. Since that time, the monthly unemployment rate has gone to 8.5% This represents an increase in the monthly unemployment rate of 107.3%. 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 February 2010 to before the Wuhan Coronavirus/COVID Pandemic the monthly labor force participation went from 9,565,200 to 9,524,310 in February 2020. This represents a decrease in the monthly labor force participation of very little. Since that time, the monthly labor force participation has gone to 9,228,980 This represents a decrease in the monthly labor force participation of 3.1%.

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 depicts it has a Unemployment Rate of 3.4% which is the second most unemployment rate of all the states in the greater New York region. The state with the highest unemployment rate in the group is New Jersey which shows a rate of 3.6% (only about 5.1% larger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. the state of shows it has a Labor Force Participation of 63.2% which is the second most participation rates of all the states in the greater New York region.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. New York shows full time employees approximately 3.5 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 area. New York shows it has a Single Earner Families of 29.1% which is the most of all states in the greater New York region. The percentage of families with no one working is depicted in Figure 22. New York depicts it has a Families with No One Working of 15.9% which is the second most of all the states in the metro area. The state with the highest families with no one working in the group is Pennsylvania which depicts a families with no worker of 17.5% (10.2% larger).

The State of New York Poverty Charts

The next section details economy analysis about poverty for residents of the New York 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 depicts it has a Total In Poverty of 2,681,277 which is the largest of all states in the greater New York 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 depicts it has a Percent of Population In Poverty of 14.1% which is at the top of all other states in the greater New York region.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. New York has the largest proportion of american indian poverty rate at 15% of the total and is ranked #1.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. New York has the largest proportion of less than highschool in poverty at 15% of the total and is ranked #1. Second, it has the largest proportion of highschool graduate and in poverty at 10% of the total and is ranked #1. Third, it has the largest proportion of has some college and in poverty at 5% of the total and is ranked #1. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. New York has the largest proportion of people who are in poverty and unemployed at 20.9% of the total and is ranked #1. 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.) the state of shows it has a Public Assistance Percent of 15.4% which is the largest of all states in the greater New York region.

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). the state of depicts it has a Gini Index of 51.4% which is the most of all states in the greater New York region.

The State of 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 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 has the largest proportion of people who drive a car or motorcycle to work at 28% of the total and is ranked #1. Second, it has the largest proportion of people who take public transportation to work at 7% 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 or elsewhere.) New York has one of the largest proportions of people who drove alone at 53% of the total and is ranked #3. Only #2 New Jersey (71%), and #1 Pennsylvania (76%) are larger. Second, it has the largest proportion of people who take a Subway or elevated rail at 19% of the total and is ranked #1. Third, it has the largest proportion of people who bike at 1% of the total and is ranked #1. Also, it has the largest proportion of people who walked at 6% 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 has the largest proportion of people who leave for work between 8am to 830am at 7% of the total and is ranked #1. Second, it has the largest proportion of people who leave for work between 830 am to 9am at 9% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 9am to 10am at 3% of the total and is ranked #1. Also, it has the largest proportion of people who leave for work between 10am to 11am at 2% 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 has one of the largest proportions of people with commute time of less than 5 minutesutes at 7% of the total and is ranked #3. Only #2 New Jersey (8%), and #1 Pennsylvania (10%) are larger. Second, it has one of the largest proportions of people with commute time between 5 to 9 minutes at 10% of the total and is ranked #3. Only #2 New Jersey (11%), and #1 Pennsylvania (13%) are larger. Third, it has the largest proportion of people with commute time between 25 to 29 minutes at 14% of the total and is ranked #1. Also, it has the largest proportion of people with commute time between 35 to 39 minutes at 5% of the total and is ranked #1. In addition, it has the largest proportion of people with commute time between 40 to 44 minutes at 11% of the total and is ranked #1. Furthermore, it has the largest proportion of people with commute time between 45 to 59 minutes at 12% of the total and is ranked #1. Next it has the largest proportion of people with commute time between 60 to 89 minutes at 6% of the total and is ranked #1.

The average commute time is shown in Figure 37. the state of shows it has a Avg Commute Time of 34 which is more than all other states in the greater New York region. Figure 38 shows the difference between male versus female commuting time. New York depicts average commute time in minutes for men 14.4% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and New York has the largest proportion of no vehicle available at 26% of the total and is ranked #1. Second, it has one of the largest proportions of 1 vehicle available at 30% of the total and is ranked #3. Only #2 New Jersey (40%), and #1 Pennsylvania (42%) are larger. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) the state of depicts it has a Work in city or place where live of 60% which is more than all other states in the metropolitan area.

The State of 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. the state of shows it has the hightest median earnings of $93,810 for the management, business, and financial occupations category. Similarly, Figure 47 shows the median earnings of women for the job categories and the state of depicts it has the hightest median earnings of $74,853 for the management, business, and financial occupations grouping. The table in Figure 48, shows New York employment data in terms of job categories and salary data.

The State of 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. the state of depicts it has the hightest entrepreneurs of 53% 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. the state of depicts it has the hightest entrepreneurs of 23% for the self employed in professional, scientific, management, administrative services group.

In Figure 51 the average annual self employment/entrepreneur income is shown. the state of depicts it has a Self Employment Income of $44,456 which is the second most average annual self employment income of all the states in the greater New York region. The state with the highest average annual self employment income in the group is New Jersey which depicts an average annual self employment income of $48,850 (9.9% larger).

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) New York depicts total number of self-employed men 67.2% larger as the total number of self-employed women.