NYC Economic Development Corp Releases Economic Snapshot

Below are highlights from the June newsletter published by the NYCEDC.

• Private Employment fell by 600 in April after a decrease of 13,400 jobs in March.
• The unemployment rate fell to 8.0% in April from 8.1% in March.
• The Manhattan hotel occupancy rate in April 2009 as 85.4%, down from 87.2% in April 2008.
• Passengers in NYC area airports totaled 8.2 million in March 2009, down 12.2 percent from March 2008.

Real Estate and Construction (for the four months ending April 2009)

• Building projects (including new, additions and alterations) that started construction in NYC declined by 33.3% and infrastructure (non building) project decreased by 38.2% from the four months ending 2008.
• Planned space for building project starts decreased 84.8% from the same period in 2008.
• 609 residential buildings with 1940 units of housing started construction, decreases of 43.1 and 77.2 percent respectively from the previous year

Broadway Ticket Sales

• There were approximately 1.0 million tickets sold during the four months ending May 31, 2009, a 2.2 percent decrease from the same period last year.
• Broadway revenue during this period was roughly $78.1 million, a 0.8 percent increase from last year.