4 years after the COVID-19 pandemic knocked New Yorkers down (however not out), town that by no means sleeps is bustling with exercise as soon as once more. Small companies are thriving, and town is proving that financial restoration is all the time a protected wager right here, irrespective of how lengthy the percentages.
Practically each aspect of the personal sector is again – save for tourism, hospitality, and leisure, that are still hovering below the place they had been pre-pandemic. As that sector continues to limp again from a devastating a number of years, the development business stays risky with out a regular movement of large-scale tasks on the horizon. The present lack of an agreed-to housing plan in New York State’s funds negotiations creates a parallel downside that would imply building jobs stay lagging (still down roughly 7% from 2019). And recent debate over whether or not to boost taxes on the ultrawealthy or make cuts to providers solely underscores the rapid want within the funds for brand new, regular income streams.
New Yorkers deserve clear options — at the moment, not tomorrow.
Fortunately there’s a solution proper in entrance of us that may be realized in a matter of months. New York State has the chance to bring in more than $1 billion this upcoming fiscal yr if it prioritizes awarding the three downstate on line casino licenses. That infusion of much-needed money shall be supported by the financial exercise created by tasks, which might create 1000’s of short-term and everlasting jobs within the very sectors that want it most. Legislators have already bemoaned how long the process has taken to this point and final week urged the governor to move up the timeline. Beginning now, it’s crucial that the state ensures speedy progress to fill its coffers and get New Yorkers again to work.
Let’s shortly rewind again to 2019, when visitors injected $47.4 billion into our native financial system, with leisure being the first draw for 80% of them. Earlier than the pandemic, leisure and leisure was a necessary pillar to our financial system. It offered good, middle-class jobs to a significantly Black and Brown workforce. However when COVID-19 struck, tourism plummeted, leaving a massive $1.2 billion void in our financial system.
Leisure, hospitality, and leisure stays the one of many few private-sector industries to see a full post-COVID bounce again, with varied parts nonetheless hovering below their February 2020 ranges nationally. That would change within the coming months if our lawmakers hold a good schedule in awarding these licenses.
This second additionally requires decision-makers to usher within the subsequent section of large-scale building tasks. Vacationers fly into glitzy new variations of LaGuardia, Newark and, quickly, JFK airports; LIRR commuters pour into Manhattan by a revitalized Penn Station and a brand new Grand Central Madison. However what’s subsequent on the horizon? Little or no, in keeping with the Constructing Congress’ 2023-25 Construction Outlook report, which projected a million fewer sq. toes of workplace building constructed annually by 2025.
We’ve got been formidable in constructing over the past decade. However we can not relaxation on our laurels. We should acknowledge strong, formidable, and economically viable tasks once we see them. New Yorkers who wish to keep right here and assist town not simply bounce again however thrive deserve the prospect to do it.
Now, we should cost towards the tip zone. Hospitality and building are clear catalysts for New York’s affluent future, however we should act decisively. We owe it to the 19 million individuals who name this state residence to maintain this a affluent place the place goals can come true. The time to revive New York’s financial system is now. Let’s present the world that New York isn’t simply again — it’s higher than ever.
