New research on NYC's economy from the Federal Reserve Bank of NY

“Challenges Facing the New York Metropolitan Area Economy,” by James Orr and Giorgio Topa. Summary: The skilled and well-educated workforce of the New York metropolitan area has played a large role in enabling the region to withstand adverse economic shocks and adapt successfully to a services economy. A further expansion of this “human capital” will enable the metro area to meet the challenges ahead: attracting new firms, maintaining immigration flows, and competing successfully with fast-growing metro areas in other parts of the country.