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The New York City Recovery Index: December 13

Editor’s observe: Beneath you may discover the week 69 launch of the NYC Restoration Index, initially revealed December 14, 2021. Go to the NYC Restoration index homepage for the newest information.

New York Metropolis’s financial restoration index staged a dramatic comeback, rocketing from a rating of 71 to 88 for the week ended Dec. 4. The rating represents a file excessive for the index, and the seventh week the index has surpassed 80. A surge in residence gross sales was primarily chargeable for carrying the index to new heights, as most different measures skilled setbacks as COVID-19 hospitalization charges in New York continued to rise.

This week, the Supreme Court docket declined to dam New York’s COVID-19 vaccine mandate requirement for well being care staff, even once they cite non secular objections. Final week, New York Metropolis Mayor Invoice de Blasio announced vaccine mandates would lengthen to all private-sector staff within the metropolis. Beginning on Dec. 14, mother and father of youngsters aged 5-11 may even be required to offer proof of their youngster’s vaccination to convey them to indoor eating, sports activities, and leisure amenities. 

New York Metropolis’s restoration stands at a rating of 88 out of 100, in keeping with the New York Metropolis Restoration Index, a joint venture between Investopedia and NY1. Over a 12 months and a half into the pandemic, NYC’s financial restoration is just below 90% of the way in which again to early March 2020 ranges.

COVID-19 Hospitalizations Climb

COVID-19 hospitalization charges jumped as of Dec. 4, rising to a seven-day common of 69 hospitalizations per 100,000 individuals, 20 greater than the week earlier than. In comparison with hospitalization charges on the finish of June, the brand new charge is 250% larger, leaving vital room for enchancment earlier than town returns to lows reached earlier this 12 months.

The CDC continues to venture that roughly 86.4% of latest circumstances within the New York area (together with New Jersey, Puerto Rico, and the U.S. Virgin Islands) are linked to the delta variant, whereas 13.1% are linked to the omicron variant. That’s a big decline within the proportion of circumstances attributable to delta from the week earlier than, at 99.9%. A complete of 1,197,135 circumstances and 34,992 deaths had been recorded in New York Metropolis as of Dec. 14. As of Dec. 13, 70.5% of New York State’s inhabitants has totally vaccinated in opposition to COVID-19, beating projections of reaching 70% by late January, in keeping with CDC information.

Unemployment Claims Relapse

The town’s charge of unemployment claims rose from an estimated 39% to 89% above pre-pandemic ranges as of Dec. 4, wiping out most progress over the previous few months, after coming near a full restoration just some weeks prior. At a time when seasonal hiring was anticipated to choose up over the vacations, the motion could possibly be an indication of prolonged setbacks in New York’s labor market. 

Residence Gross sales Soar

The variety of pending residence gross sales in New York Metropolis skyrocketed up by 176 houses as of Dec. 4, boosting town’s general rating to a file excessive. The rise introduced gross sales again above 2019 ranges, with the house gross sales working 117% larger than 2019 charges over the identical interval. By borough, gross sales in Manhattan are up 84.3% in comparison with pre-pandemic ranges, whereas gross sales figures in Brooklyn are up 44.2%, and Queens is up 59.6%.

Rental Market Expands

After a number of weeks of declines within the variety of obtainable residences in the marketplace, town’s stock of obtainable leases elevated by 1,126 models as of Dec. 4, bringing the rental market index up from a rating of 79 to 89. There have been a complete of 14,142 residences in the marketplace in comparison with 13,016 the week earlier than, assuaging a number of the tightness within the NYC rental market that has held it again from attaining a full restoration. 

Subway Ridership Reverses Features

After reaching its greatest rating because the onset of the pandemic the week earlier than, subway ridership reversed course as of Dec. 4, drifting again to 40% beneath pre-pandemic ranges in comparison with 37% the week earlier than. It was the primary setback in ridership for a number of weeks, although the speed does are inclined to fall in the course of the winter months. The Metropolitan Transportation Authority (MTA) estimated a trailing seven-day common of near 2.86 million riders on public transport.

Restaurant Reservations Lose Floor

The town’s restaurant reservation index continued to say no as of Dec. 4, falling from 36% to 41% beneath 2019 ranges, in keeping with OpenTable estimates. As common outside temperatures start to drop, it’s typical for reservation numbers to fall. Nonetheless, sustained losses might erase town’s progress over the previous few months, as hospitalizations rise and town continues to implement pandemic-related restrictions.

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