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A fresh look at who's gaining, losing ground in New York City's economy
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Gothamist
While Mayor Zohran Mamdani and the democratic socialists spark outsize handwringing for those engaged in the politics-economics echo chamber, the apex leaders of New York City business are scarcely missing a beat, based on data in the new Business Costs in New York City report from the state comptroller’s office.
Next were those in finance and insurance with an average salary of $426,350, up an inflation-adjusted 9.6% over 2015’s average $286,480.
At the other end of the spectrum, the average for those in retail was $59,370, up an inflation-adjusted 10.4% from 2015’s average of $39,600.
Those in accommodation and food services followed at $48,620, up an inflated-adjusted 11.8% from 2015’s average of $32,080; and behind them were those in “social assistance,” at an average of $40,240, reflecting flat growth over 2015’s average of $29,620, after accounting for inflation.
“While operating here remains expensive, this report shows that some core business costs have grown more slowly than in many competing regions.”