Aging Population and Slow Hiring Challenge New YorkNew York Needs Affordable Homes and Workers to Sustain GrowthRegulations and Weak Growth Leave New York Short of Workers
New York faces subdued job growth as its population ages and labor supply remains constrained, a state budget forecast says. The forecast puts residents 65 and older at 19.3% of the population, with employment growth expected to stay weak through 2027.New York’s aging population and slow hiring expose the costs of a tight labor pool, high housing costs and reduced immigration. The state expects employment growth to remain weak through 2027.New York’s aging population is adding to a weak hiring outlook, while housing costs and limited labor supply challenge businesses. A state forecast expects employment growth below 1% in 2026 and 2027.