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City's Economy Is Picking Up
By
Jen Chung
Published Oct 11, 2004
Modified Mar 7, 2008
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By
Jen Chung
Published Oct 11, 2004
Modified Mar 7, 2008
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A number of indicators is saying that the city's economy is getting back on track, with the creation of new jobs in retail and tourism. The Daily News compiled some facts from a number of sources:
- City will add 50,000 jobs this year - the first annual increase since 2000 [Crain's NY Business]
- Economists expect NY to add 70,000 more jobs next year. [The 2005 total would be 3.65 million; the peak was in 2000, with 3.72 million jobs.]
- Jobs in the retail and tourism sectors have accounted for the increase. [Think the new Target and Home Depot stores.]
- The city unemployment rate is 6.7%, versus 8.4% a year ago.
The city's vibrance has been apparent for a little longer, given street-anthropology Gothamist has undertaken, with the number of new expensive habits New Yorkers have, from cocktails over $10, new gadgets, and new purses. Gothamist has our fingers crossed that the economy will remain on an steady pace to sustain real growth and give other people opportunities for employment.
A report from the City Comptroller revealed that NYC's first quarter growth looked good.
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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