NEW YORK CITY—Annual tax revenue generated by the city's real estate industry last year increased by 24.4% since 2013, according to a new analysis by the Real Estate Board of New York.
The industry generated $20.4 billion in taxes in 2016, which represents 43% of the city's tax revenue. The real estate industry employs 606,000 workers with an average salary of $75,700 and was responsible for $139.4 billion in total economic output in 2015, a 20.1% increase from 2013.
In Fiscal Year 2016, revenue-generating properties provided enough tax revenue to pay the city's entire share of $15 billion in payroll expenses for teachers, police officers, fire fighters, sanitation workers, and correction officers and still have $5.4 billion left to fund other city services.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
