The New York City Recovery Index: December 5
Editor's note: Below you'll find the week 118 release of the NYC Recovery Index, originally published December 6, 2022. Visit the NYC Recovery index homepage for the latest data.
New York City’s economic recovery experienced a major setback for the week ending November 26, 2022, as the overall index score declined five points to 72 out of 100, from 77 in the previous week. Losses were driven by steep declines in home sales and rental inventories, capping a very unfavorable week for the city’s real estate market. Subway ridership and restaurant reservations also declined, albeit more modestly. Meanwhile, COVID-19 hospitalizations surged, rising to their highest levels since mid-July. The sole positive development this week came from falling unemployment insurance (UI) claims, which fell back below their pre-pandemic rolling average.
New York City’s economic recovery stands at a score of 72 out of 100, according to the New York City Recovery Index, a joint project between Investopedia and NY1. Over two and a half years into the pandemic, New York City’s economic recovery is just under three-quarters of the way back to pre-pandemic levels.
Citywide COVID-19 hospitalizations surged during the week ending November 26, rebounding sharply higher following two consecutive weeks of declines. The city’s hospitals recorded an average of 153 daily hospitalizations, up 28 from 125 recorded in the previous week and marking the highest level for hospitalizations since mid-July.
The CDC continues to project that virtually all cases are omicron-related. The BQ.1 subvariant still accounts for the largest share of cases, at 38% of the total as of December 3. The BQ.1.1 strain follows closely behind with a 34.4% share. A new variant labeled
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