August 15, 2018
City Comptroller Scott Stringer’s report on the city’s economy offers a mixed outlook. On the one hand, the report finds that unemployment citywide reached historic lows in the second quarter, falling to 4.2% as job gains were dominated by higher-paying positions.
On the other hand, Q2 growth in New York was slower than the national pace. The city’s economy grew by 2.7%, compared to 4.1% for the U.S. in the same time frame. That said, Q2 national growth was driven in part by a 9.3% increase in exports ahead of new tariffs.
“Strong economic growth and thousands of new jobs mean greater opportunity for New Yorkers across the five boroughs,” said Stringer.
The comptroller’s report noted that new commercial leasing activity in Manhattan increased 16.7% to 9.1 million square feet in Q2, the highest second-quarter level since 2011. Vacancy rates and average rents remained flat compared with a year ago.
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