Regional Economy

Gain deeper insights on the New York Fed’s Second District through a wide array of regional economic indicators and monthly surveys. Find in-depth economic data for 22 local areas in the Second District. Learn more about important issues facing the regional economy through research and analysis, including reports, blog posts, and presentations.

Regional Economic Indicators
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Business Leaders Survey: Service Sector Activity Continues to Hold Steady
November 18, 2024
Business activity held steady in the New York-Northern New Jersey region’s service sector in November. The survey’s headline business activity index came in at -0.5. Learn more in our monthly regional service sector survey on current and future business trends.
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Empire State Manufacturing Survey: Manufacturing Activity Climbs Sharply
November 15, 2024
Business activity grew strongly in New York State’s manufacturing sector in November. The headline general business conditions index surged 43 points to 31.2, its highest reading in nearly three years. Learn more in our monthly survey of New York manufacturers as they assess current conditions and the future outlook.
Early Benchmarked Employment Data
Early Benchmarked Employment Data
November 14, 2024
Our economists provide early benchmarks of initial monthly employment releases throughout the year and make the benchmarked data about the New York Fed region available to the public on a monthly basis.




Regional Employment Trends
Regional Employment Trends
November 14, 2024
These interactive charts illustrate payroll employment trends for more than 20 geographies in the Second District, from the state level down to metropolitan areas.
Beige Book
Beige Book: Second District Economic Activity Was Little Changed
October 23, 2024
Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank directors and interviews with businesses, community organizations, economists, market experts, and other sources.
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Regional Equitable Growth Indicators (EGIs)
October 8, 2024
The regional EGIs present disparities in inflation, real and nominal earnings, employment, and real and nominal spending across the New York-New Jersey metro area, as well as all other counties in New York state.
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Local Area Conditions

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New York City

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Buffalo Metro Area

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Albany Metro Area

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Research & Analysis
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The Future of New York City: Building on the Post‑Pandemic Jobs Rebound
BY Craig Bradstock and Nathaniel Kressen | October 30, 2024
Participants at "The Future of New York City: Focus on Jobs" discussed the city's post-pandemic employment rebound, the geographic redistribution of jobs in New York City, and the workforce development challenges the city faces. They detailed how the city has experienced gains in lower-wage and higher-wage jobs, but a decline in middle-wage jobs.

Technician using a tablet in a car factory
Event: The Future of New York City: Focus on Jobs
EVENT | October 4, 2024
On Friday, October 4, 2024, the New York Fed hosted a half-day conference focused on the future of employment in New York City. Topics included how the composition of jobs in the city has changed since the pandemic; what’s needed to create jobs that pay family-sustaining wages and provide broad-based prosperity to the city; and how to develop and attract workers to fill those jobs.

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Technician using a tablet in a car factory
AI and the Labor Market: Will Firms Hire, Fire, or Retrain?
BY Jaison R. Abel, Richard Deitz, Natalia Emanuel, and Benjamin Hyman | September 4, 2024
Artificial intelligence (AI) has the potential to dramatically change the labor market and possibly the nature of work itself. The results of the authors’ August regional business surveys find most firms that expected to use AI in the next six months plan to retrain their workforces, with far fewer reporting adjustments to planned headcounts.



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Household Debt Trends Among NYC Residents
Jason Bram, Director of Economic Research, Office of New York City Comptroller and Joelle Scally, New York Fed | August 13, 2024
Two categories of consumer debt currently seeing high and rising delinquency rates are auto loans and credit cards. This report, by The New York City Comptroller in partnership with the New York Fed, focuses on trends in household debt burdens and delinquencies for these two segments, using New York City specific credit data from the New York Fed’s Consumer Credit Panel.
Blog Series on the Economic and Financial Impacts of Extreme Weather Events in the Fed’s Second District
Unique Geography, Common Challenges: Regional Visit Reflects Varied Aspects of North Country Economy
June 26, 2024
New York Fed President John C. Williams traveled to the North Country region of upstate New York to hear from stakeholders about local economic conditions. This article shares themes that emerged over two days of meetings and discussions with government officials, business owners, veterans and military families, and nonprofit and community leaders.
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Supply Chain Disruptions Have Eased, But Remain a Concern
BY Jaison R. Abel and Richard Deitz | May 20, 2024
Supply chain disruptions became a major headache for businesses in the aftermath of the pandemic and were a key contributor to the surge in inflation. The authors present new measures in supply availability from the New York Fed’s Business Leaders Survey, Empire State Manufacturing Survey, and Global Supply Chain Pressure Index. They find that supply availability had generally been improving since early 2023, but improvement has stalled over the past couple of months.
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Supplemental Survey Report: Regional Supply Chain Insights
May 20, 2024
In response to special questions focused on supply chain disruptions, about a third of service firms and 48 percent of manufacturing firms reported at least some difficulty obtaining supplies they needed this month. Learn more in our supplemental survey report.
Slow Road to Recovery: U.S.V.I. Sees Signs of Resilience
Many Places Still Have Not Recovered from the Pandemic Recession
May 7, 2024
The onset of the pandemic resulted in one of the sharpest and deepest economic downturns in U.S. history. The authors examine the uneven geographic recovery from the pandemic recession, noting that much of the New York-Northern New Jersey region is still way behind.
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Andy Haughwout’s Briefing on U.S. and Regional Economic Conditions
April 18, 2024
In a presentation at the 2024 New York Fed Regional and Community Banking Conference, Andy discussed economic conditions, including employment, inflation, business activity, housing, and commercial real estate.




Cover of presentation to Chamber of Commerce in Fairfield County
Andy Haughwout’s Briefing on Regional Economic Conditions in Fairfield County
March 5, 2024
In a presentation to the Greater Valley Chamber of Commerce, Andy discussed economic conditions in Connecticut, including employment, business activity, housing, and commercial real estate.
small business workers creating fabric products in shop
Businesses See Inflationary Pressures Moderating
February 21, 2024
Shortly after the recovery from the pandemic recession began, the U.S. economy entered a period of high inflation as surging demand, severe supply disruptions, and worker shortages combined to create large imbalances and inflationary pressures in the economy. Have these pressures moderated for local businesses in the New York–Northern New Jersey region? The New York Fed’s February business surveys asked firms about increases in their costs and prices.
Credit Access Report Cover with graphs
The State of Low-Income America: Credit Access & Housing
BY Claire Kramer-Mills, Ambika Nair, Belicia Rodriguez, and Joelle Scally | JANUARY 18, 2024
As part of our mission to make the U.S. economy stronger and the financial system more stable for all segments of society, the New York Fed issues periodic reports on credit access for low-income Americans. The 2024 report examines low-income households’ access to credit, ability to repay loans, and use of mortgage refinancing through Q3 of 2023.


Small Business Recovery after Natural Disasters
Banks versus Hurricanes
November 20, 2023
Puerto Rico’s location in the Caribbean leaves it highly exposed to all manner of severe weather. Hurricane Maria, which struck the island on September 17, 2017, was a worst case in some respects as it struck just two weeks after Hurricane Irma flooded the island. Even so, the island’s economy and banks recovered surprisingly quickly. This post discusses the various protections—including homeowners’ insurance, federal aid, and mortgage guarantees—that helped buttress the island’s economy and banks.
Small Business Recovery after Natural Disasters
Flood-Prone Basement Housing in New York City and the Impact to Low-and-Moderate Income Renters
November 17, 2023
Hurricane Ida, which struck New York in early September 2021, exposed the region’s vulnerability to extreme rainfall and inland flooding. The storm inflicted extensive damage to the housing stock, particularly low-lying units. This post introduces new data to estimate with greater precision the flood risk to basement apartments in New York City. The authors show that these risks potentially impact roughly 10 percent of low- and moderate-income individuals, immigrants, and racial and ethnic minorities.
Small Business Recovery after Natural Disasters
Small Business Recovery after Natural Disasters in the Fed’s Second District
November 16, 2023
This is the second of the two-part series on how natural disasters such as hurricanes, floods, wildfires, droughts, and winter storms affect small businesses in the Federal Reserve’s Second District. While the previous post focused on the impact of such disasters using data from the Small Business Credit Survey for the period 2021-22, this post focuses on the aftermath of such disasters, and examines disparities in the ability of firms to reopen their businesses and access disaster relief.


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How Do Natural Disasters Affect Small Business Owners in the Fed’s Second District?
November 15, 2023
Data from the Federal Reserve’s Small Business Credit Survey shed light on how small businesses in the Second District are impacted by natural disasters (such as hurricanes, floods, wildfires, droughts, and winter storms). The author finds that increasing shares of small business firms in the region sustain losses from natural disasters, with minority-owned firms suffering losses at a disproportionately higher rate than white-owned firms.
Inaccurate flood zones in the Fed’s Second District
Flood Risk and Firm Location Decisions in the Fed’s Second District
November 14, 2023
The intensity, duration, and frequency of flooding have increased over the past few decades. As the frequency of flood events continues to increase, the number of people, buildings, and agriculture exposed to flood risk is only likely to grow. This post focuses on the distribution of flood risk within the Federal Reserve's Second District and examines its effect on establishment location decisions over the last two decades.
Inaccurate flood zones in the Fed’s Second District
How Do Banks Lend in Inaccurate Flood Zones in the Fed’s Second District?
November 13, 2023
This post examines the impact of flood risk, particularly on bank lending in the Federal Reserve’s Second District. Using data on the accuracy of flood maps, the authors examine banks’ lending practices within “very inaccurate” and “inaccurately” mapped areas. A map is considered “very inaccurate” If a property faces significant flooding damage (highest damage quartile) but is not mapped into a flood zone, and “inaccurate” If properties in an area face moderate damage but are insufficiently mapped.
Potential Flood Map Inaccuracies in the Fed’s Second District
Potential Flood Map Inaccuracies in the Fed’s Second District
November 10, 2023
The National Flood Insurance Program flood maps, which designate flood-prone areas, are updated periodically through the Federal Emergency Management Agency (FEMA) and community efforts. Even so, many of these maps are outdated. Given that climate-related risks vary geographically, it is crucial to produce accurate maps for such risks, like flooding. This post uses detailed data on the flood risk faced by individual dwellings as well as digitized FEMA flood maps to assess the accuracy of flood mapping in the Federal Reserve’s Second District.
Blog Series on the Economic and Financial Impacts of Extreme Weather Events in the Fed’s Second District
Blog Series on the Economic and Financial Impacts of Extreme Weather Events in the Fed’s Second District
November 08, 2023
Extreme weather events, along with human adaption to cope with them, may have large effects on the economy and financial markets. Therefore, it is crucial to provide research on the economy’s vulnerability to such events to policymakers, households, financial institutions, and other players in the world economy in order to help them make informed decisions. This research series tries to take a step in this direction while focusing on the Federal Reserve System’s Second District. 
Special Conference Issue: The Future of New York City
Special Conference Issue: The Future of New York City
October 11, 2023
This special conference issue of the Economic Policy Review includes three papers presented at the New York Fed’s conference, “The Future of New York City: Charting an Equitable Recovery for All” (March 31, 2022), and offers highlights of discussions with distinguished participants from the academic, business, government, press, and nonprofit communities.
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