At A Glance

Largest Metropolitan Area: New York City

Population: 8.419M

Median Home Price: $745,000

Largest Employer: IBM

Income Growth: Due to the pandemic’s impact on employment, total wages in the State decreased by 2.3 percent in 2020. The accommodation and food services industry realized the largest decline in wages (33.6 percent).

• However, wages increased in seven industry sectors, which were primarily those with the lowest number of job losses. The information sector had the highest growth (9.0 percent).

• Personal income in 2020 grew by 4.7 percent primarily due to the economic impact payments (“stimulus checks”) and enhanced unemployment benefits provided through the federal relief packages.1