THE INVISIBLE ENGINE: The Economic Impact of New York City’s Real Estate Industry

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Who are the faces behind the numbers?

HIGHLIGHTS FROM THE REPORT
ANNUAL TAXES FROM THE REAL ESTATE INDUSTRY(1)

  • $15.4 billion, which is 38% of total NYC taxes collected, is from the real estate industry, including taxes from revenue-generating properties (such as residential rental buildings, office buildings, hotels, retail stores, and utility property; it excludes property and transaction taxes from 1-3 family homes and coop and condo units) and real estate activity
  • These taxes could pay the City’s entire share of salaries for teachers, police officers, fire fighters, sanitation workers and corrections officers, with $2.3B left to fully fund numerous City agencies

 

Annual RE Industry Share of NYC Taxes and City Funded Payroll Expenses That Could Be Paid by Real Estate Industry Taxes

TOTAL ECONOMIC IMPACT(2) OF THE REAL ESTATE INDUSTRY

  • $106 billion in total economic output
  • Approximately 13% of Gross City Product (GCP)
  • 519,000 total jobs—representing approximately 11% of the City’s total jobs
  • $33 billion in total wages
  • $61,430 = The average salary for a worker directly employed in the real estate industry

 

Real Estate Economic Impact Citiations