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NYC Economic Development Agency – August 2004 Economic Snapshot

 

Date:  September 14, 2004
  • Private employment increased by 7,800 jobs in July, after gaining 8,600 jobs in June.
  • The unemployment rate fell to 7.5% in July from 7.8% in June. (Source: New York State Dept. of Labor.)
  • The NYC hotel occupancy rate in June 2004 was 88%, compared to 81% in June 2003.
  • In June 2004, the average daily hotel room rate was $210, a 13% increase from June 2003. (Source PKF Consulting.)
  • The Direct Class A office vacancy rate was 8.7% in July, while the average asking rent was $50 per sq. ft. (Source: Cushman and Wakefield.)
  • In June 2004, 8.4 million passengers flew in and out of the region’s airports, a 14% increase from June 2003 and an all-time high for the month of June. (Source: Port Authority of New York and New Jersey.)
  • For the four months ending July 2004, there were 3,000 building projects that started construction in NYC, an increase of 34% from the four months ending July 2003. (Source: Dodge Analytics.)