The last reading of the New York City Recovery Index out of a possible score of 100.
The New York City Economic Recovery Index hit a new record on October 16, although its growth rate slowed from the previous week as the index rose one point to 82. C ‘ was also the second week in a row that the index had recorded a score above 80 since the start of the pandemic. A dramatic reduction in COVID-19-related unemployment claims and hospitalizations helped push the index up, while declines in metro ridership and restaurant reservations kept the score from posting more gains.
New York Mayor Bill de Blasio announcement Last week, the city would reinstate its ban on propane heaters to heat outdoor dining areas this winter, amid concerns about fire safety and durability. The city temporarily lifted it last year, as pandemic restrictions limited indoor dining so bars and restaurants could serve customers outside. As the colder winter season approaches, this ban could further curb restaurant reservations.
New York City’s recovery stands at a score of 82 out of 100, according to the New York City Recovery Index, a joint project between Investopedia and NY1. More than a year and a half after the start of the pandemic, New York’s economic recovery is about four-fifths of the way back to early March 2020 levels.
Decrease in hospitalizations related to COVID-19
Hospitalization rates for COVID-19 fell dramatically as of October 16, falling to a seven-day moving average of 49 hospitalizations per 100,000 people, down 10 from the previous week. While this is a marked improvement from the highs in January this year, it is still more than double the hospitalization rates compared to early summer in June and early July.
The CDC continues to predict that about 99.5% of new cases in the New York City area (along with New Jersey, Puerto Rico, and the U.S. Virgin Islands) are related to the delta variant. A total of 1,116,194 cases and 34,531 deaths have been recorded in New York as of October 26.
As of October 25, New York State had fully vaccinated about 66.5% of its wider population, according to CDC data and analysis from Very good health.
Fall in unemployment claims
The city’s jobless claims rate improved significantly as of October 16, falling more than 20 percentage points to about 40% above pre-pandemic levels. Although higher than a few weeks earlier, when claims were within 25% of a full recovery, the current streak of week-to-week progress of the measure could indicate further improvement. future. At 8.9%, New York’s unemployment rate is also more than double that of other New York state counties like Westchester, Suffolk and Nassau.
Door-to-door sales beat seasonal declines
While the number of pending home sales in New York City fell by 41 homes as of Oct. 16, it still exceeded the same time frame in 2019, increasing the city’s home sales index by nearly two points. Sales in the city are up about 75% from pre-pandemic levels. By borough, sales in Manhattan are up 74.5% from pre-pandemic levels, while sales figures in Brooklyn are up 66.2% and Queens by 24.6% .
The rental market is tightening
A drop of 545 available units caused the New York City rental market to contract slightly, causing the index to drop two points to 87. With a total of 15,910 units on the market as of October 16, the rental market is on the decline. continues to be one of the best performing measures in the index, has effectively recovered from the COVID-19 pandemic and is mainly held back by a lack of available units.
Reverse of metro ridership
Subway ridership suffered some setbacks on October 16, dropping from 44.3% to nearly 45% below pre-pandemic levels. The measure continues to linger relatively close to the 50% mark at which it hovered for several months, leaving significant room for improvement. The Metropolitan Transportation Authority (MTA) has estimated a seven-day average of nearly 2.65 million passengers on public transportation.
Restaurant reservations are declining
The city’s restaurant reservation index has lost some of its momentum, with bookings falling from 42.7% to 43.6% below 2019 levels through October 16, according to OpenTable estimates. Like ridership in the métro, restaurant reservations had remained in a sustained lull near the 50% mark for several months and struggled to break the trend. With the ban on propane heaters to heat outdoor dining spaces in effect for the winter season, restaurants could be headed for a sustained lull in reservations.