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Economic Impact Report

We power more than just New York City's iconic skyline. We also energize the economy by supporting thousands of local jobs and contributing billions in taxes. Industry leader HR&A Advisors helped us measure our company's impact on the neighborhoods we serve.

Energizing the Economy

We power the heart of the New York Metro economy, generating thousands of jobs and billions of dollars in economic activity.

Our total economic output is equal to 1% of New York State’s Gross Domestic Product.

Con Edison's total economic output is twenty-two point six billion dollars, which creates thirty-eight point six thousand jobs and gives one point eight billion dollars in contracts to New York State businesses.

For every 1 Con Edison employee, our economic activity supports another 1.9 jobs in New York State.

Con Edison’s $1.8 billion contract spending reached companies big and small within New York State, including a 45% increase in minority- or women-owned Business Enterprises (M/WBEs) and small business spending since 2021. Spending in each borough has increased substantially.

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Tax Contribution

New York State depends on Con Edison for a significant share of its total tax revenue.

Con Edison's total fiscal impact in New York State is four point four billion dollars, with two point seven billion dollars in direct taxes to New York City.

Of the $3.3 billion in tax revenue paid by customers to New York City to support city services, $2.4 billion goes to property taxes.

Assuming an average cost of $159 per teacher, CECONY's total fiscal contribution can support 21K (23%) of public school teachers.
Con Edison's two point four billion dollars of direct tax contributions could support twelve thousand sanitation workers, twenty-one thousand teachers and eighteen thousand firefighters.

Con Edison customers are responsible for 4% of New York City’s tax revenue, nearly enough to cover the budgets of Fire Department of New York (FDNY) and NYC Sanitation Department (DSNY) combined or 23% of public school teachers from the Department of Education (DOE).

Creating and Sustaining Jobs

Con Edison is powered by New Yorkers, and we work to provide quality, family-sustaining jobs for our workforce.

Over 80% of Con Edison employees live in New York State, including over 50% who live within New York City or Westchester.

Fifty-seven percent of Con Edison’s workforce is represented by an industry union. That's more than 7,000 jobs, which is 2.7 times the industry average.

Seventy-seven percent of Con Edison employees are graduates from New York State–based institutions, including CUNY, SUNY, and other public and private colleges.
As a sign of employee satisfaction, employees tend to stay at Con Edison three times longer than average, advancing their career through internal promotions.
Con Edison employees have a thirteen-year median tenure on average, compared to six years at other utility companies and four years in all other industries.

Support for Low-and Moderate-Income New Yorkers

Con Edison helps New Yorkers with low to moderate incomes access good-paying jobs, pay their energy bills, and benefit from energy-efficient homes.

  • In 2023, over $34M in energy efficiency incentives were provided for low-and moderate-income households.
  • 477,000 low-income New Yorkers received $266M in rate discounts from CECONY’s Energy Affordability Program.
  • Since 2020, more than 900 professionals have graduated from the Clean Energy Academy, which provides equitable access to green job training.
  • There are currently 1,200+ expected trainees over the next three years from disadvantaged neighborhoods, supported by Con Edison’s $4M clean energy and technology workforce development grant.
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