How New York City nonprofits boost the economy

An aerial shot of New York City
An aerial shot of New York City
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How New York City nonprofits boost the economy

The nonprofit sector contributes $77.7 billion to the city's economy each year, according to a new report.
July 6, 2020

Tens of thousands of nonprofits contribute $77.7 billion to New York City’s economy each year, according to a new report from the city comptroller’s office.

New York Comptroller Scott Stringer released the analysis, created in partnership with Nonprofit New York, in part to highlight the sector’s economic importance at a time when many nonprofits are financially struggling and the city is cutting funding that many organizations rely on in the wake of a major budget deficit.

City Council discretionary funding faced a cut of nearly 20% in the budget approved last week, which reduces the amount of money available to Councilmembers to dole out to nonprofits for various programs. Several nonprofits were particularly disappointed that one initiative that helps nonprofits led by people of color build up organizational capacity – the Communities of Color Nonprofit Stabilization Fund – was slashed by about 30%.

“Any plan for New York City relief and recovery must prioritize our nonprofits who are the essential fabric of our social safety net,” Stringer said in a statement

Nonprofit employment makes up about 18% of all private employment in the city, as city nonprofits accounted for more than 660,000 jobs in 2017, according to the comptroller’s report. And the majority of the city’s nonprofits fall under religious, civic, and social services categories. 

NYN Media reporter Kay Dervesh
Kay Dervishi
is a staff reporter at NYN Media.
20201021