The real economy facing NYC EDC’s new president
The face of New York City’s economic growth over the past decade is not a banker or software engineer. It is a home health aide in Brooklyn.
She works in healthcare and social assistance, the industry that added more jobs than any other: 351,000 since 2015, more than half of them in Brooklyn. She earns about $40,000 a year, enough to afford roughly $1,000 a month in rent. The median city rent is $3,223.
New York City’s economy is growing. But growth no longer guarantees prosperity. That is the central finding of a new report from the Association for a Better New York and the New York City Employment and Training Coalition.
The city reached a record 4.65 million jobs in 2025, 3.6% above its pre-pandemic peak. Yet too many new jobs do not pay enough to support life here. That is the challenge facing incoming city Economic Development Corp. President and CEO Tony Shorris: translating economic growth into meaningful........
