The Chamber launches "Indicators of Progress" data dashboard to track key metrics towards New York City's economic recovery
Monday, July 27, 2020
Manhattan Chamber Launches “Indicators of Progress” Data Dashboard to Track Key Metrics Towards City’s Economic Recovery
City’s Only Comprehensive Dashboard Suggests Long Road Ahead Despite Reaching Phase Four of Reopening
NEW YORK, July 27, 2020: Today, as a key component of its “Pivot to Win” campaign, the Manhattan Chamber of Commerce launched the “Indicators of Progress” dashboard to track the city’s reopening by monitoring more than a dozen key metrics of economic and business activity.
The dashboard uses weekly data on the number of flights in and out of the city, foot traffic as compared to before the Covid-19 pandemic, employment numbers, and other statistics to track the city’s progress toward economic recovery. It also captures building permits, restaurant dining, home buying activity, and dispersal of federal Paycheck Protection Program funds, among other indicators, all of which are presented in simple and easy-to-navigate charts and infographics that cover a wide variety of sectors and economic activity.
“If we are going to truly pivot to win, having a timely and accurate picture of New York City data is critical to help businesses and government alike navigate the city’s reopening,” said Jessica Walker, President and CEO of the Manhattan Chamber of Commerce. “By analyzing these indicators, we can better understand what more needs to be done to get the city’s economy safely back on track and quantify the ongoing impact of the pandemic to inform smart policy decisions.”
Major findings of latest dashboard data (updated on 7/24/20) show:
- Foot traffic in the city increased only 4.1% last week despite entering the fourth (and final) phase of reopening. Overall, foot traffic remains down 46% in the city as compared to before the Covid crisis began.
- Even with the city’s expansion of outdoor dining options, the number of seated diners at restaurants is down 94% as compared to this time last year.
- The number of air travel passengers coming into and out of our regional airports is down 98.4% over last year.
- Unemployment in the city increased substantially after the Covid crisis took hold. The positive news is that employment numbers are now trending upward. But the number of job postings remains flat in many key industries, suggesting that some businesses are rehiring former employees but few new jobs are being created or new employees being sought.
- The number of page views of Zillow real estate listings, which fell drastically in March and April, has since exploded and is now up 76% over this same time last year. There could be many reasons why New Yorkers are suddenly interested in finding new living spaces.
The dashboard, which was created for the Manhattan Chamber by eImpact using open source data, will be updated on a weekly basis to share the latest data and trends with businesses, policymakers, and residents.
The Indicators of Progress dashboard is sponsored by MWWPR, one of the nation’s largest independent public relations firms.
“It’s critically important that we have accurate, comprehensive data on hand to guide and monitor key factors for the city’s reopening,” said Michael Kempner, Chairman of the Manhattan Chamber of Commerce and Founder and CEO of MWWPR. “With the launch of our critical ‘Pivot to Win’ strategy, we are providing resources to help businesses survive – and thrive – during the pandemic.”
In addition to the Indicators of Progress dashboard, the Chamber continues to provide best practices, webinars, networking, and other essential support for businesses facing unprecedented disruption during the pandemic through its Pivot to Win resources.
To view the Chamber’s Indicators of Progress dashboard visit www.NYCindicators.com.
About the Manhattan Chamber of Commerce
The Manhattan Chamber of Commerce is a nonprofit organization that represents and supports the local business community across the borough. We do this, primarily, by fostering “game-changing” connections for our members and by working with government to ensure that the business climate is supportive and responsive to their needs. Through our foundation, we also host educational events for small business owners and conduct outreach to help them thrive.
The Chamber’s Pivot to Win Initiative provides hands-on, customized support to small and medium-sized businesses to help them recalibrate and succeed in a post-Covid economy.
Learn more at www.manhattancc.org.
eIMPACT is the leading provider of data storytelling dashboards for economic development organizations, chambers and industry associations nationwide. A combination of software and expert data services, eIMPACT is unique in its ability to deliver a fully customized solution for each client, focusing on the specific needs and objectives sought. Learn more at www.eimpact.report.