News

NYC Economic Development Agency – January 2005 Economic Snapshot

• Private employment fell by 2,100 jobs in November, after a loss of 3,600 jobs in October. (Source: New York State Dept. of Labor.)
• The unemployment rate fell to 5.4% in November from 6.1% in October. (Source: New York State Dept. of Labor.)
• The NYC hotel occupancy rate in November 2004 was 87%, compared to 85% in November 2003. (Source: PKF Consulting)
• In November 2004, the average daily hotel room rate was $251, a 14% increase from November 2003. (Source: PKF Consulting)
• The Direct Class A office vacancy rate was 8.4% in November, while the average asking rent was $48 per sq. ft. (Source: Cushman and Wakefield.)
• In October 2004, 7.9 million passengers flew in and out of the region’s airports, a 10% increase from October 2003 passenger levels. (Source: Port Authority of New York and New Jersey.)
  For the four months ending November 2004:
  • There were 3,196 building projects (including additions and alterations) that started construction in NYC, an increase of 53% from the four months ending November 2003; and there were 118 infrastructure (non-building) projects, a 26 percent increase from last year. (Source: Dodge Analytics.)
  • Planned space for the building projects is 17.3 million square feet, a 53% increase from the same period in 2003. (Source: Dodge Analytics.)