Grow Together or Pull Further Apart? Income Concentration Trends in New York

December 13, 2010. New data shows that extreme inequality restrains growth for most New Yorkers – polarization trends in New York City and New York State expose an economic fault line. A new report from FPI documents the pronounced concentration of income growth that has occurred in New York State and New York City since 1980 – the first time that state income tax data has been compiled to analyze trends since 1980 in income growth by various segments of the state’s population. Among the findings: The richest one percent of households increased their share of all income statewide from 10 percent in 1980 to 35 percent in 2007, while in New York City the income share going to the top one percent rose from 12 percent to 44 percent over that span. Press release and report.