Reports from the New York City Taxi and Limousine Commission that were released for the July through October 2015 time period confirmed what many were presuming – the revenue a New York City taxi medallion generates continues to decline, which could be bad news for owners of medallions and their creditors.
The five-month moving average in taxi meter revenue in July 2015 was approximately $535. In October 2015, it was approximately $490.
Calculating the five-month average for trips evens out the high seasonable irregularity seen month-to-month in the city, but it also undermines the magnitude of decline at the end of the period when the trend is steadily declining.
If you were to analyze the data back to 2009, this four-month period would rank as the worst four-month period with the greatest percentage change in revenue. Needless to say, things are looking a bit grim for medallion owners.
The declines have come at a time when Uber has increased the number of drivers in New York.
The revenues have gone up and down for the last couple of years based on data collected. For 2013, revenues actually went up 2%.
Looking back, the average month in the year 2014 showed a 4.9% decrease. In early 2015, the average continued to decrease at a 5.6% decline. But things took a sharp decline from July through October 2015 with an average decline of 13.4%.
Data in other large cities have shown a similar decline in taxi ridership.
YellowCabNYCTaxi.com Staff Writer