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Fueled by Wall Street and Crypto, NYC’s Economic Outlook Looks Bright — For Now

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Fueled by Wall Street and Crypto, NYC’s Economic Outlook Looks Bright — For Now

Despite some December jitters, the stock market has jumped more than 24% this year and Wall Street profits are likely to climb by almost 70%. The result will be big bonuses early next year, which will fuel consumer spending and income tax collections.

Merger and acquisition activity, Wall Street’s most lucrative business, is expected to accelerate next year as well, as the Trump administration relaxes the Biden administration’s tough antitrust stance.

And President-elect Donald Trump’s embrace of the crypto business will boost that sector too, as CEOs driven abroad by the Biden administration’s crackdown on the industry return to the United States — and primarily to New York, the nation’s financial capital.

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