Finance

NYC Economy Shows Fast Growth

August 19, 2014
By Stephanie West

New York, NY – While unemployment remains stuck at 7.9 percent in New York City, the economy has added tens of thousands of jobs in the private sector, pointing to a firmer labor market, stronger tax revenues and a more stable economy.

New York City’s economy grew more than three percent in the second quarter because of robust job growth and higher personal income.  The City’s Real Gross City Product (GCP) grew an estimated 3.1 percent and represented an estimated four percent of the nation’s total economic output.

The “New York City Quarterly Economic Update” released by the city comptroller, summarizes economic results for the second quarter of 2014. The findings conclude: The City’s private sector added 22,400 payroll jobs. New York City total jobs and private-sector jobs were up by 6.5 percent and 8.4 percent respectively. The City’s labor force increased by 37,100 in the second quarter – the largest increase in over 12 years. The Long Island Railroad saw ridership gains of 4.3 percent. Manhattan apartment sales climbed 6.3 percent higher than the same time last year. Manhattan hotel occupancy is at 93.2 percent, the highest quarterly rate since records became available. Broadway continued its show-stopping year with total attendance rising 21.7 percent from last year.

“We must remember these are not the boom-town years of the late 1990s or of the credit bubble years. There is mounting evidence that the national and local economies have settled into a prolonged period of steady but modest growth,” NYC Comptroller Stringer said.

August 19, 2014

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