As expected, profits from Wall Street during the first half of 2023 were down by 4.3% from last year.

According to the comptroller’s Annual Report on the Performance of the Securities Industry, New York state saw $28.8 billion in tax revenue from Wall Street in State Fiscal Year 2023, which ended on March 31.

Most of that revenue was deposited into the state’s coffers via the personal income tax.

According to state Comptroller Tom DiNapoli, Wall Street is seeing a continuation of what New Yorkers saw in 2022, when Wall Street came off of two years of record profits.

“So, the recovery had outside profits; 2022, in effect, normalized back to what we had pre-pandemic. And it looks like, so far, 2023, while it’s down a little bit compared to last year so far – the year’s not done yet – is in the same range,” DiNapoli said.

At the same time, the industry is still growing, with the sector adding 10,500 jobs for a total of 190,800 positions in 2022, the highest level since 2001.

“What it really shows is the resilience of the securities industry, of Wall Street, a very important part of the economy for our state, for our city as well,” DiNapoli said. “So, I think there’s more good news than bad news, though, as you point out, it’s a slight decrease (in profits from) the first half of this year, compared to the first half of last year.”