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January 25, 2019 Comments Off on Growth in Nightlife Outpaces Rest of NYC Economy Views: 1980 New York News, Top New York

Growth in Nightlife Outpaces Rest of NYC Economy

The city that never sleeps owes a lot to all that nightlife. Specifically, 299,000 jobs, $13.1 billion in employee compensation, and $35.1 billion in total economic output annually.

That’s the topline finding of the first-ever economic impact study of New York’s nightlife industry. Conducted on behalf of the city’s Office of Media and Entertainment, the study found that the nightlife sector is growing faster than the rest of the local economy.

Nightlife-related jobs and wages are growing at annual rates of 5% and 8% respectively. That compares to 3% and 4%, respectively, in the city overall.

Contributing to the total economic output of nightlife is the ancillary impact on the city’s economy from additional spending on retail, transportation, lodging and other services that occurs only because people are partaking of the city’s nightlife. For example, nearly one-third of all taxi and vehicle-for-hire rides are nightlife-related.

Read more at NYC.gov

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