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Economic Impact Report

Powering New York City and Westchester with the nation’s most reliable energy isn’t just our job, it’s our commitment to the 9 million people and 350,000 businesses we proudly serve. In partnership with HR&A Advisors, we’re excited to share the meaningful ways our work is benefiting the local communities we also call home.

Energizing the Economy

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

In 2024, our local spending helped generate $23 billion in economic output, 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 one Con Edison employee, our economic activity supports another 1.7 jobs in New York state.

We spent $2 billion in 2024 on contracts with New York State and New York City businesses, roughly split between the state and city. More than $1 billion of our contracts are with businesses in all five boroughs and Westchester County.

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Tax Contributions

We generate a significant share of the total tax revenues for New York City and New York State. In 2024, we contributed $4.7 billion in taxes and fees in New York State—up 7% since 2023—including $3.3 billion in New York City alone.

As a group, Con Edison customers are the largest property taxpayer in New York City. Of the $3.3 billion in tax revenue paid to New York City, $2.5 billion goes to property taxes through customers' energy bills. This amounts to 8% of all property taxes paid to New York City.

Property taxes on our infrastructure have risen more than 22% since 2021 and are becoming a significant driver of increased energy costs for customers. We are working with policymakers to ensure this local property tax revenue is used to reduce customer bills and keep energy affordable.

In 2024, Con Edison of New York paid $464 million more in property taxes to New York City than in 2021. That amount could cover energy bill discounts for more than 224,000 households through the Energy Affordability Program.

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 more than 50% who live within New York City or Westchester.

56% of Con Edison’s workforce is represented by an industry union—that's more than 7,000 jobs, which is 2.8 times the industry average.

More than 75% of our employees are graduates of New York State–based institutions. 40% graduated from a City University of New York or State University of New York school. 

As a sign of employee satisfaction, employees tend to stay at Con Edison eight years longer than the energy industry average, advancing their careers 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 2024, the company: 

  • Directed more than $79 million to help low- and moderate-income customers reduce their energy use and improve energy efficiency, double the 2023 amount
  • Provided $311 million to reduce the bills of 450,000 low-income customers, up 17% from 2023, in our Energy Affordability Program 
  • Helped thousands of New Yorkers develop new skills and gain greater career opportunities through workforce development programs we sponsor
  • Invested $710 million in clean energy and electric-infrastructure improvements benefiting disadvantaged communities (DACs), an 8% increase since 2023

Helping All New Yorkers Thrive 

Our vital role in growing and energizing the economy and improving the quality of life for all New Yorkers continues to expand every year. For years to come, we plan to continue to:

  • Strategically and equitably invest to strengthen and expand our energy systems for reliability and clean energy
  • Create and sustain thousands of family-sustaining local jobs
  • Generate billions of dollars in city and state tax revenue
  • Invest millions of dollars to grow local businesses and support the most vulnerable New Yorkers
Learn more about our investment plan
* In 2024, CECONY spent $311 million on the EAP program for approximately 450,000 households, with an average monthly discount of $58. The analysis above is a conservative estimate of the number of new EAP participants that $464 million supports, since it assumes all new participants would receive the maximum monthly discount of $173 per household.
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