The New York City Recovery Index: October 31
Editor’s notice: Under you may discover the week 113 launch of the NYC Restoration Index, initially printed November 1, 2022. Go to the NYC Restoration index homepage for the newest knowledge.
New York Metropolis’s financial restoration stalled for the week ending October 22, 2022, with the index rating remaining unchanged at 77 out of 100. COVID-19 hospitalizations are again on the rise, climbing to their highest ranges since mid-August. Unemployment claims rose for the week, however stay in keeping with their pre-pandemic common for this time of 12 months. Town’s actual property market had a optimistic week, with rental vacancies growing whereas house gross sales gained barely. Subway ridership and restaurant reservations each recorded slight good points, and are close to two-thirds of their pre-pandemic stage.
New York Metropolis’s financial restoration stands at a rating of 77 out of 100, in line with the New York Metropolis Restoration Index, a joint undertaking between Investopedia and NY1. Over two and a half years into the pandemic, New York Metropolis’s financial restoration is simply over three-quarters of the way in which again to pre-pandemic ranges.
Contents
COVID-19 Hospitalizations Again on the Rise
The COVID-19 hospitalization charge in New York Metropolis is again on the rise, after moderating barely final week. Hospitalizations for the week ended October 22 averaged 114 per day, which is 16 greater than the common of 98 per day recorded within the earlier week. This marks the very best hospitalization charge because the week ended August 13, in an indication that the town’s progress in containing the pandemic has backtracked.
The CDC continues to undertaking that just about all present circumstances are omicron-related. The dominant BA.5 subvariant has diminished in current weeks, and now accounts for simply 35.7% of latest circumstances. The latest strains, labeled BQ.1 and BQ.1.1, now account for 23.5% and 19% of current infections within the New York area, respectively.
The share of totally vaccinated New York Metropolis residents remained unchanged this week, at 79.8% of the town’s inhabitants, in line with NYC Well being & Hospitals knowledge. As of November 1, roughly 2.94 million circumstances—confirmed and possible, and 42,870 COVID-19-related deaths have been recorded because the begin of the pandemic.
Unemployment Claims Up for the Week
The variety of people submitting unemployment insurance coverage (UI) claims rose by 430 this week, from 5,230 to five,660. In the meantime, the 2019 rolling common of claims, monitoring the equal pre-pandemic week, declined by 90 claims, totaling 5,587. As such, UI claims are roughly 1% above their 2019 rolling common, remaining in keeping with their pre-pandemic stage for this time of 12 months, and successfully totally recovered.
Dwelling Gross sales Comparatively Unchanged
Pending house gross sales all through New York Metropolis noticed little change for the week ended October 22. Complete gross sales elevated by 18 houses, from 421 to 439 houses bought, whereas the 2019 rolling common of house gross sales rose by the same quantity, totaling 377. As such, citywide house gross sales are 16% above their pre-pandemic common for late October, with the index measure remaining totally recovered. By borough, Manhattan now leads the main boroughs in proportion good points since 2019, with house gross sales practically 35% above their pre-pandemic baseline. Dwelling gross sales in Queens observe with a 4.5% cumulative achieve, whereas Brooklyn house gross sales are 3.7% beneath their pre-pandemic baseline.
Rental Availability Rises
Town’s rental market skilled a good week, with rental vacancies rising by 324 models, totaling 15,975 residences available on the market. Consequently, the rental stock subindex rating rose by one level, from 86 to 87 out of 100. This week’s improve practically totally offset the earlier week’s decline.
By borough, Brooklyn skilled the best improve in rental stock week-over-week. Rental vacancies in Brooklyn rose 6.25% from per week prior, far exceeding a 0.43% achieve in Manhattan, whereas vacancies in Queens fell 0.1% from per week earlier.
Subway Ridership Bumps Larger
MTA subway ridership elevated barely for the week ended October 22, rising to 35.2% beneath the pre-pandemic common, from 35.7% down final week. The MTA reported a complete of three.21 million common every day riders for the week. Consequently, the subway mobility subindex rating rose to 65 out of 100. Town’s subway would want to expertise a number of extra weeks of sustained will increase to hit a brand new pandemic-era excessive, a lot much less totally get better its pre-pandemic ridership stage.
Restaurant Reservations Achieve Barely
Reservations at New York Metropolis eating places rose barely for the week ended October 22, following final week’s surge in reservations. The trailing seven-day common of reservations rose to 32.5% beneath its pre-pandemic stage, from 32.9% down final week, and in contrast with a pandemic-era excessive of 25.4% down for the week ended July 2. This week’s improve places the restaurant reservations subindex rating at 67.5 out of 100. New York Metropolis’s eating places are nonetheless lacking a couple of third of their diners from earlier than the pandemic, and would require extra constant weekly will increase to get better a higher share of their former diners.
