Finance

Brooklyn Leads Economic Growth in NYC

May 28, 2014
By Neal Tepel

Brooklyn, NY – Brooklyn’s economy is rapidly expanding, adding jobs and businesses at a faster pace than the rest of New York City between 2003 and 2012. This according to an economic snapshot of Brooklyn released by New York State Comptroller Thomas P. DiNapoli. Kings County is now a leader in business and job expansion in New York State.

“Business in Brooklyn is booming and people want to live there because of the borough’s economic opportunities, its diversity and its outstanding schools, museums and nightlife,” DiNapoli said. “The borough’s overall economy is flourishing and is poised to keep growing.”

Since 2003, the number of businesses in Brooklyn has grown by 21 percent, a much faster rate than the rest of the city. Private sector jobs in the borough grew by 19.8 percent between 2003 and 2012, faster than any other borough and nearly twice the rate of growth (10.6 percent) in the rest of the city. There were 484,560 private sector jobs in Brooklyn in 2012, the highest level on record.

The health care and social assistance sector was the leading employer, accounting for one-third (160,410) of all Brooklyn jobs in 2012, followed by retail trade with 64,890 jobs, and the professional and business services sector with 41,830 jobs. Jobs in leisure and hospitality grew the fastest, with a 36 percent increase between 2008 and 2012, adding nearly 10,000 jobs — mostly in bars and restaurants.

In 2012, for the first time in decades, the number of manufacturing jobs in Brooklyn rose to 19,910 spurred by an uptick of 2.5 percent. Food manufacturing was the largest part of the manufacturing base, with 5,410 jobs in 2012, followed by apparel manufacturing with 3,580 jobs. Brooklyn is also becoming increasingly attractive to high-tech and creative firms centered around the Brooklyn Tech Triangle.

“There is no question: Brooklyn is booming,” said New York City Mayor Bill de Blasio. “It’s a remarkable transformation that’s changing neighborhoods and the economy. We are making investments to ensure that Brooklynites have the skills to compete for high quality jobs like those coming to the borough’s tech ecosystem, and to build and preserve affordable housing so families that built successful neighborhoods can stay in them.”

May 28, 2014

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