Tracking the Reopening of New York City
What You Need To Know
As New York City pulls itself out of the pandemic, the cost in both lives and livelihoods has been staggering.
Thousands have died and countless more have lost their jobs. The vaccine has renewed optimism that some semblance of normalcy might soon return to America’s largest metropolis, which endured what was once the biggest and deadliest Covid-19 outbreak in the country.
But after months in lockdown, questions still abound: What will business in post-Covid New York look like? How will the city’s major industries, from tourism to real estate and the arts, recover after a brutally long, pandemic-induced hiatus. Will those who fled ever come back?
Key Coverage
By The Numbers
- $1.8T Size of New York metro area's economy, which rivals that of many countries, including Brazil, Canada and South Korea
- 63M Visitors to New York City annually before the pandemic hit
- 662,000 Jobs lost in 2020 as a result of the pandemic
Why It Matters
No city is more important to America’s economic recovery than New York.
As the capital of American capitalism, it’s a global hub for business and commerce. The economic output of the New York metro area, estimated at $1.8 trillion, rivals that of entire nations. The city of 8.6 million is also the country’s center for banking and finance, real estate, media, retail, advertising, tourism and the arts.
Dozens of the world’s biggest companies are headquartered in New York City, employing hundreds of thousands of people across America and the world. It’s also home to Wall Street, a vital part of the city’s economy and the go-to destination for global capital.
So understanding how New York City emerges from the pandemic — in particular through the lens of business and finance — is crucial to understanding the prospects of the U.S. economy as a whole.
With no rescue from Congress in sight, the city should fall back on a public-private bond-issuing program.
Timeline
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3 years ago Jimmy Buffett Has Just What New York Needs Right Now: A $370 Million Monument to Frozen Drinks
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4 years ago It’s Start-Over Time for NYC’s Chinatown
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