The Big Apple’s faltering return to the office following the coronavirus shutdown is gaining momentum – new statistics show occupancy rates have risen by almost 12 percentage points in the last month alone.
The occupancy rate rose to 46.1% in the week ended September 21, up from 34.5% in the last week of August, according to figures from City Comptroller Brad Lander’s monthly report on the status of the city’s economy.
New York’s occupancy rate now surpasses Philadelphia, Boston, Chicago, San Francisco and Los Angeles – but still lags behind Houston, Dallas and Austin.
“[S]Strong economic growth has come a long way since the dark days of the pandemic’s onset, when many worried about whether businesses would reopen and residents return,” Lander wrote. “Many indicators of economic and cultural life show the resilience of New York City.”
The report also showed that the unemployment rate in New York City rose to 6.6%. That surge appears to have been driven by people returning to the labor market, however, as the Big Apple’s job count eventually reached 97% of pre-pandemic levels.
New stats show NYC’s faltering return to the office rose nearly 12% after the pandemic shutdown. Getty Images
According to City Comptroller Brad Lander’s monthly report, the occupancy rate rose to 46.1% in the week ended September 21, up from 34.5% in the last week of August. Getty Images
Although NYC jobs reached 97% of pre-pandemic levels, the unemployment rate rose to 6.6%. Getty Images
New York’s economic resurgence and return to office have helped spur a return to the subways and buses, MTA statistics show.
Lander predicted that the number of jobs offered by private employers in the five counties is likely five or six months away from reaching the 4.1 million jobs counted in February 2020, just before the COVID-19 outbreak.
However, the report warned that rising energy prices and the Federal Reserve raising interest rates to curb inflation could pose significant challenges for New York in the coming months.
City Hall has acknowledged it could face $10 billion a year in budget shortfalls as market turbulence causes shortfalls in municipal pensions.