The RTA's growing budget gap
The Regional Transportation Authority's federal pandemic relief funds expire next year, and revenue is not expected to cover expenses, leaving the agency with a budget gap that's forecast to top $1 billion in 2030 despite fares exceeding or keeping up with inflation.
Note: Higher-paying roles yield larger cost savings if eliminated and greater productivity gains if augmented, thus industries were weighted by both occupational share and salary for the "greatest disruptions" data.
Mortgage and nonmortgage loan brokers
Law offices
Investment banking and securities dealing and brokerage
Commercial banking
Offices of certified public accountants
Investment advice
Tax preparation services
Human resources consulting services
Marketing research and public opinion polling
Insurance agents and brokers
Finance and insurance
Professional services
Finance and insurance
Finance and insurance
Professional services
Finance and insurance
Professional services
Professional services
Professional services
Finance and insurance
Industry
Sector
In additional to finacial services, proffesional services is also expected to see extensive AI disruption, according to Burning Glass Institute and SHRM report. This could spell trouble for many New Yorkers. Those industries account for 1.2 million New York jobs, roughly 28.1% of all private sector employment in the city.
Regional Transportation Authority's projected budget
The Burning Glass Institute and SHRM report the top ten industries most at risk are in these two sectors.
Industries with greatest AI disruption risk
Change in New York City jobs June 2024 vs. June 2023
-0.9%
Finance and insurance
-0.9%
Professional and business services
1.3%
All private sector jobs
Change in fares and inflation measures vs. 2007
Source: CMAP
