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Economic Snapshot
A Summary of New York City’s Economy – September 2003
Employment
Employment in the private sector has increased by 14,600 jobs in July.
However, cumulatively in the first seven months of 2003, the City lost
2,700 private jobs. This compares well with a loss of 34,000 private jobs
during the same period in 2002. Overall, New York City’s unemployment rate
remained at 8.1 percent in July, the same rate since May.
The creative industry sector is leading the way in terms of employment
growth. The following sectors are included in the definitions of creative
industries: Information, Professional, Scientific and Technical Services,
Colleges, Universities, Arts and Entertainment, Recreation. Creative
industry employment increased at a greater rate than private employment
from 1993 to 2001 (37% compared to 17%) yet was more sensitive to the
overall economic downturn. Creative industry employment in NYC dropped by
7% from 2001 to 2002, while private industry employment dropped just 4%.
Real Estate
New York City’s direct office vacancy rates and rents for the second
quarter of 2003 compare well with other US central business districts. The
best performing CBD was Midtown Manhattan, with a 7.4 % vacancy rate and
average Class A rents at $54 p.s.f. Overall in Manhattan direct office
vacancies declined from June to July by 0.1 %, rents remaining unchanged
for the second consecutive month at $50 p.s.f.
Other Indicators
Changes in subway ridership reflect growth in commercial, residential
and tourism trends and MTA figures show and annual ridership increase of
19.5 million riders (59%) at Times Sq. and similar large increases at 34th
St. Herald Sq. and Penn Station. Stations that lost most riders were those
in Lower Manhattan, reflecting the September 11 and its negative impacts
on employment and tourism in the area. Air traffic for the first half of
2003 increased by 1.4% over the same period last year, JFK passenger
numbers increasing the most at 5.5%. Hotel occupancy has also improved
over the last year, at 75% in July this year, a 3% increase on last year.
Source: New York City Economic Development Corporation
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