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A fresh look at who's gaining, losing ground in New York City's economy
Gothamist • • business
Key Points:
- The average private-sector salary in New York City rose to $129,030 in 2025, a 6.5% inflation-adjusted increase from 2015, though significant wage disparities persist between industries.
- Top earners in securities made an average of $561,770, while retail and food service workers earned much less, around $59,370 and $48,620 respectively, showing uneven income growth across sectors.
- Despite being one of the most expensive cities for business due to high taxes, labor, and utility costs, NYC saw slower wage growth compared to other high-growth regions, with national wages rising 10.1% versus NYC's 6.5%.
- The report highlights challenges for small and midsize firms facing high workspace, utility, and tax costs, and suggests that managing cost growth could enhance the city's competitive advantage.
- Policymakers are encouraged to monitor tax policy impacts and consider regulatory and infrastructure decisions to influence business costs amid ongoing political debates on economic reforms.
