November 14, 2014
By Neal Tepel
New York, NY – New York City created private-sector jobs at an annual rate of 5.4 percent in the third quarter of 2014. This is the biggest quarterly increase in 24 years according to a report released by New York City Comptroller Scott M. Stringer.
“New York City’s economy has been gaining strength the past two quarters and continues to outpace the nation’s,” Comptroller Stringer said. “Venture capital investment in our region’s burgeoning start-up economy has surged, the real estate market has continued its strong pace and tourism remains on an upswing. The City has put another strong quarter in the books as we head to the end of 2014.”
The City Comptroller's report titled “The NYC Quarterly Economic Update” analyzed a broad range of economic indicators that reflect the City’s current conditions. These include Gross City Product (GCP), job growth, income tax withholding, unemployment rates, inflation, commercial real estate vacancy and rental rates. In the third quarter, New York City’s Real GCP grew at an estimated 4.0 percent annual rate. New York City’s private-sector added 47,000 jobs.
Local startups are gaining momentum, with record venture capital investment in the New York metro area surpassing $1.7 billion in 3Q14, more than double the $0.72 billion invested in 3Q13. The city’s hospitality industry continued to prosper. Hotel occupancy in Manhattan averaged 92.6 percent in 3Q14, and over 3 million people attended Broadway shows.
“After a long road back, job creation continues to be a positive indicator that our City is on a sustainable path forward,” Stringer said. “However, I continue to be concerned about the fact that too much of our job creation is concentrated in low-wage industries. The economic recovery is not reaching the middle class of our City. We need to continue to find the on-ramps to opportunity for every New Yorker and emphasize the importance of educating our children so that they can fully participate in the 21st century economy in our own great city.”