Four years after the COVID-19 pandemic knocked New Yorkers down (but not out), the city that never sleeps is bustling with activity once again. Small businesses are thriving, and the city is proving that economic recovery is always a safe bet here, no matter how long the odds.
Nearly every facet of the private sector is back – save for tourism, hospitality, and entertainment, which are still hovering below where they were pre-pandemic. As that sector continues to limp back from a devastating several years, the construction industry remains volatile without a steady flow of large-scale projects on the horizon. The current lack of an agreed-to housing plan in New York State’s budget negotiations creates a parallel problem that could mean construction jobs remain lagging (still down roughly 7% from 2019). And recent debate over whether to raise taxes on the ultrawealthy or make cuts to services only underscores the immediate need in the budget for new, steady revenue streams.
New Yorkers deserve clear solutions — today, not tomorrow.
Thankfully there’s an answer right in front of us that can be realized in a matter of months. New York State has the opportunity to bring in more than $1 billion this upcoming fiscal year if it prioritizes awarding the three downstate casino licenses. That infusion of much-needed cash will be supported by the economic activity created by projects, which would create thousands of short-term and permanent jobs in the very sectors that need it most. Legislators have already bemoaned how long the process has taken to date and last week urged the governor to move up the timeline. Starting now, it is imperative that the state ensures speedy progress to fill its coffers and get New Yorkers back to work.
Let’s quickly rewind back to 2019, when visitors injected $47.4 billion into our local economy, with leisure being the primary draw for 80% of them. Before the pandemic, leisure and entertainment was an essential pillar to our economy. It provided good, middle-class jobs to a significantly Black and Brown workforce. But when COVID-19 struck, tourism plummeted, leaving a massive $1.2 billion void in our economy.
Leisure, hospitality, and entertainment remains the one of the few private-sector industries to see a full post-COVID bounce back, with various components still hovering below their February 2020 levels nationally. That could change in the coming months if our lawmakers keep a tight schedule in awarding these licenses.
This moment also requires decision-makers to usher in the next phase of large-scale construction projects. Travelers fly into glitzy new versions of LaGuardia, Newark and, soon, JFK airports; LIRR commuters pour into Manhattan through a revitalized Penn Station and a new Grand Central Madison. But what’s next on the horizon? Very little, according to the Building Congress’ 2023-25 Construction Outlook report, which projected one million fewer square feet of office construction built each year through 2025.
We have been ambitious in building over the last decade. But we cannot rest on our laurels. We must recognize solid, ambitious, and economically viable projects when we see them. New Yorkers who want to stay here and help the city not just bounce back but thrive deserve the chance to do it.
Now, we must charge toward the end zone. Hospitality and construction are clear catalysts for New York’s prosperous future, but we must act decisively. We owe it to the 19 million people who call this state home to keep this a prosperous place where dreams can come true. The time to revive New York’s economy is now. Let’s show the world that New York isn’t just back — it’s better than ever.
