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| • | Welcome back. New York City recently welcomed its first international tourists since the city went into COVID-19 pandemic lockdown 20 months ago. The city’s tourism industry—including Broadway, which is welcoming back audiences (albeit in fits and starts)—is mightily dependent on international tourists, who can now visit the US with proof of full vaccination and a negative COVID-19 test, at least for the moment. [ABC] | | | | • | Staying home. Among the signs of economic improvement in New York City is the appreciation of the city’s housing market. Out of 20 major cities in the US, the NYC housing market had the smallest price fluctuations, which means that New York residences yielded the biggest risk-adjusted returns. The NY housing market also had the lowest volatility of any other large metropolitan area, a sign of the city’s economic resilience. [Bloomberg] | | | | • | Why it matters. The COVID-19 pandemic wasn’t the first crisis to affect NYC so dramatically. But as one of the first epicenters of the global COVID-19 pandemic, the city was hit early and hard. Now, nearly two years after it went into lockdown, America’s most populated metropolis—and one of its greatest engines for economic growth—is slowly recovering. Challenges remain, including higher unemployment rates than the rest of the US. And the most vulnerable New Yorkers are still hurting, with many still struggling to meet basic needs such as food and healthcare. | | | | • | The Big Apple. To understand the impact of the pandemic and its aftermath on NYC, we spoke to more than 1,500 New York residents about their hopes for the future and the challenges they face. We also compared NYC with eight other US cities selected on the basis of size, GDP, household income, and racial and ethnic makeup. See our report for 12 key insights about the needs of New Yorkers, and the barriers they face at this pivotal time for the city. | | | | — Edited by Justine Jablonska | | This email contains information about McKinsey’s research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. | | You received this email because you subscribed to the On Point newsletter. | | | | Copyright © 2021 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007 | | | |
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