News

NYC Economic Development Agency – February 2005 Economic Snapshot

•  Private employment grew by 1,400 jobs in December, after losing 1,100 jobs in November. (Source: New York State Dept. of Labor.)
• The unemployment rate rose to 6.2% in December from 5.4% in November. (Source: New York State Dept. of Labor.)
• The NYC hotel occupancy rate in December 2004 was 85%, compared to 83% in December 2003. (Source: PKF Consulting)
• The Direct Class A office vacancy rate was 7.6% in December, while the average asking rent was $48 per sq. ft. (Source: Cushman and Wakefield.)
• A drop in Midtown’s direct Class A office space vacancy rate coincided with a drop in average rents in December 2004. Approximately 700,000 sq. ft. of Class A office space was added to Midtown’s inventory between October and December 2004. (Source: Cushman and Wakefield)
• A decrease in Downtown’s direct class A office space vacancy rate from November to December 2004 was offset by an increase in the sublease vacancy rate over the same period (from 3.2 percent to 3.9 percent). Downtown’s average sublease rents simultaneously decreased by $1. (Source: Cushman and Wakefield)
• In November 2004, 7.8 million passengers flew in and out of the region’s airports, a 13% increase from November 2003 passenger levels. (Source: Port Authority of New York and New Jersey.)
• For the four months ending November 2004:
  • There were 2,552 building projects (including new, additions and alterations) that started construction in NYC, an increase of 23% from the four months ending December 2003; and there were 150 infrastructure (non-building) projects, a 32 percent increase from last year. (Source: Dodge Analytics.)