New York City's Wage Gap Grows Even as Business Costs Remain High
TL;DR
A 2025 report from the state comptroller shows a widening wage divide in NYC: top earners in securities, finance, and information far outpace median pay, while retail and hospitality stay low; private-sector wages rose 6.5% since 2015, yet high costs for workspace and utilities keep business expensive. The data also indicate most firms are small (about 90% with fewer than 20 employees), NYC electricity costs are the highest in the state, and overall wage growth lags national trends, underscoring policy debates on taxes, regulation, and infrastructure.
- A fresh look at who's gaining, losing ground in New York City's economy Gothamist
- State Comptroller Report Reveals New Trends About NYC Business Costs BKReader
- NYC is one of the most expensive places to run a business. A new report shows how it stacks up against other cities. Crain's New York Business
- Why does it cost so much to run a business in NYC? Report notes several factors including taxes SILive.com
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