Catherwood LibraryILR School

As the global economic crisis forces layoffs in most sectors, New York City's hospital and universities have largely maintained their payrolls as is. Unfortunately, these not-for-profit organizations also avoid corporate and property taxes ? doing little for the growing city and state budget deficits facing New York. Hospitals and Universities are beating out big banks as the city's largest private-sector employers, but the shifting balance isn't necessarily a good thing for city and state governments. And although healthcare in particular tends to be in demand regardless of the economic environment, budget cuts could force hospitals to curtail certain services. Experts are also concerned about the diversity of the New York economy as large employers slash more and more jobs each week.