POWERING NEW YORK'S GROWTH WITH $24.8 BILLION IMPACT IN 2025

New York City property taxes reached $2.6 billion in 2025, an increase of 26 percent since 2021.

Rhea-AI Summary

Consolidated Edison (ED) reported that its Con Edison utility generated $24.8 billion in total economic output across New York State in 2025. An economic impact report developed with HR&A Advisors counted 39,700 supported jobs, including more than 14,000 company employees. The economic activity represented approximately 1 percent of the state's gross domestic product.

Con Edison spent $2 billion on contracts with New York State businesses, including approximately $1.2 billion in New York City and Westchester County. It invested approximately $720 million in clean energy and reliability programs benefiting customers in disadvantaged communities. Taxes and fees collected from customers totaled $4.9 billion statewide, including $3.6 billion in New York City. Within the city total, property taxes were $2.6 billion, up 26 percent since 2021.

Positive

• Minor pointCon Edison's 2025 activity generated $24.8 billion in statewide economic output, approximately 1 percent of state GDP.
• Minor pointCon Edison supported 39,700 jobs statewide in 2025, including more than 14,000 company employees.
• Minor pointClean energy and reliability investment totaled approximately $720 million for customers in disadvantaged communities in 2025.

Negative

• Minor pointNew York State business contracts accounted for $2 billion in spending in 2025.
• Minor pointNew York City property taxes reached $2.6 billion in 2025, increasing 26 percent since 2021.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Con Edison is New York's Leading Engine for High-Quality Union Jobs

 NEW YORK, Sept. 30, 2026 /PRNewswire/ -- Con Edison generated $24.8 billion in total economic output and supported 39,700 jobs across New York State in 2025, according to a new economic impact report developed with HR&A Advisors.

The report details how Con Edison's investments and operations support economic growth, strengthen local communities and advance a cleaner, more equitable energy future. The company provides reliable energy to 9.5 million people and more than 340,000 businesses across New York City and Westchester County.

"Con Edison is deeply connected to the communities we serve," said Matthew Ketschke, the president of Con Edison. "Every day, our investments drive economic growth across New York, creating family-sustaining jobs, supporting local businesses, enhancing energy reliability, and expanding access to clean energy. Together, these investments are helping build a stronger, more resilient future for all New Yorkers."

Supporting High-Quality Union Jobs

Con Edison supported more than 14,000 company employees in 2025 as part of the 39,700 jobs supported statewide.

More than half of Con Edison employees are union members, a rate approximately three times the industry average. This reflects the company's strong partnerships with organized labor and its commitment to providing safe, family-sustaining careers.

"Con Edison powers New York, and the members of UWUA Local 1-2 are at the heart of that mission," said Frank Morales, president of Utility Workers of America Local 1-2. "Our union plays a critical role in delivering the safe, reliable energy that millions of New Yorkers depend on every day. These life-changing jobs strengthen our local communities, support economic growth, and help build a skilled and diverse workforce ready to meet the challenges of the future. We are proud to contribute so much to the communities we serve."

"Con Edison is New York's leading engine for stable, high-quality jobs for Local 3 members," said Christopher Erikson Jr., business manager of Local Union No. 3, International Brotherhood of Electrical Workers. "These jobs contribute to the local economy, support working families and help maintain a skilled, productive workforce. We look forward to building on our partnership with Con Edison to protect good union jobs and promote economic opportunity for our members and all New Yorkers."

Growing New York Businesses & Trades

In 2025, Con Edison spent $2 billion on contracts with New York State businesses, including approximately $1.2 billion with companies in New York City and Westchester County. About $441 million of that spending supported diverse and small businesses through 262 contracts, representing half of all Con Edison vendor contracts in New York State. This spending supports more than 8,800 indirect jobs, many of which are skilled labor.

"Every day, Con Edison's investments in New York's energy system put union carpenters to work across the five boroughs and Westchester", said Paul Capurso, executive secretary treasurer of the NYC District Council of Carpenters. "This report shows what that means for our city: $24.8 billion in economic output, nearly 40,000 jobs statewide, and $2 billion in contracts with New York businesses. We are proud to partner with Con Edison to create union careers with good wages and benefits. Together, we're creating a path into the middle class, and our members are proud to help build the infrastructure that keeps New York running."

"When Con Edison invests in New York, laborers are on the ground making it happen," said Donato A. Bianca Jr., Laborers' International Union of North America, Vice President and New England Regional Manager. "For every Con Edison employee, another 1.8 jobs are supported in the state, and many of those are skilled union construction jobs. Investment in reliable energy infrastructure is also an investment in working families. We are proud to stand with Con Edison as it strengthens New York's economy and its workforce."

"Keeping the lights on for 9.5 million New Yorkers takes heavy lifting, and the Operating Engineers are proud to do it," said Thomas A. Callahan, business manager, International Union of Operating Engineers, Local 15. "Con Edison's $16.2 billion in direct spending across New York State supports thousands of skilled union jobs and helps make New York's grid one of the most reliable in the country. This is what responsible infrastructure investment looks like: safe, good-paying careers for New Yorkers and a grid built for the future. We look forward to continued work to build it together."

New York City pension funds, which represent more than 785,000 current and former City employees, benefit from Con Edison stock through dividends and increases in its value. Beneficiaries include NYC Employees' Retirement System, Teachers' Retirement System, NYC Police Pension Fund, NYC Fire Pension Fund and Board of Education Retirement System.

These partnerships help strengthen New York's supply chain and support an inclusive and resilient regional economy.

Con Edison's 2025 economic activity represented approximately 1 percent of New York State's gross domestic product. For every Con Edison job, the company's work supported an additional 1.8 jobs across the state.

Investing In Higher Education & New York's Workforce

Eighty percent of employees live in New York State, and more than 40 percent earned degrees from a City University of New York or State University of New York school.

The company invested approximately $7 million in tuition assistance in 2025, along with leadership programs and rotational assignments that support career advancement and continued education. These workforce investments contribute to a median employee tenure of 13 years, which is eight years higher than the national utilities average.

Investing In Our Communities

Con Edison invested approximately $720 million in clean energy and reliability programs benefiting customers in disadvantaged communities in 2025.

The company also provided $247 million in bill assistance to approximately 420,000 income-eligible households and delivered $41 million in energy-efficiency incentives for low- and moderate-income customers.

Through workforce development programs, Con Edison is expanding access to careers in the clean energy economy. Since 2020, more than 1,000 participants have graduated from the Clean Energy Academy. The company expects its 2025 grant program to support training opportunities for approximately 1,800 additional New Yorkers.

Providing A Stable Tax Base for New York

Con Edison collected $4.9 billion from customers in taxes and fees across New York State in 2025, including $3.6 billion in New York City.

Of the New York City total, $2.6 billion went to property taxes, an increase of 26 percent since 2021. Con Edison's property tax payments represented approximately 8 percent of all property taxes collected by New York City. These revenues help fund essential municipal services, including schools, parks, police, fire, and sanitation.

Looking Ahead

"Reliable energy is the foundation of a strong economy," Ketschke added. "As we look ahead, we will continue investing in the infrastructure, people and partnerships that help New York thrive while working to advance a clean, resilient and reliable energy system."

Con Edison is a subsidiary of Consolidated Edison, Inc. [NYSE: ED], one of the nation's largest investor-owned energy companies. The utility delivers electricity, natural gas and steam, and serves 3.7 million customers in New York City and Westchester County, NY. For financial, operations and customer service information, visit conEd.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/powering-new-yorks-growth-with-24-8-billion-impact-in-2025--302895007.html

SOURCE Consolidated Edison, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much economic output did Con Edison generate in New York in 2025?

Con Edison generated $24.8 billion in total economic output across New York State in 2025. Its economic activity represented approximately 1 percent of the state's gross domestic product. The economic impact report was developed with HR&A Advisors.

How many jobs did Con Edison support in New York in 2025?

Con Edison supported 39,700 jobs across New York State in 2025, including more than 14,000 company employees. For every Con Edison job, the company's work supported an additional 1.8 jobs statewide.

How much did Con Edison collect from customers in New York taxes and fees in 2025?

Con Edison collected $4.9 billion from customers in taxes and fees across New York State in 2025, including $3.6 billion in New York City. Its property tax payments represented approximately 8 percent of all property taxes collected by New York City.