Jun
30

Statistics show how NYers cope with the recession

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According to an article in today’s Crains New York:

Crain’s City Facts report finds that Big Apple denizens are highly productive on the job, and prefer cheap thrills.

New Yorkers are neurotic overachievers who care a lot about how they look and have a penchant for inexpensive entertainment.

So say the statistics, anyway. This year’s City Facts, Crain’s New York’s annual look at New York by the numbers, shows a city and its denizens slowly being transformed by the recession – but perhaps not so fast or so dramatically as some had feared.

Among the facts uncovered by the Crain’s research team:

Flickr 20610087_8917470fee•New York workers are the most productive in the nation by a wide margin: 37% more productive than the average American worker, as measured by dollars produced in 2007. The margin may narrow as the recession deepens and Wall Street profits fall, but the state bears out one of the fundamental qualities of New Yorkers: their ambition.

•All that work comes with a price. New Yorkers are judged to be the third most neurotic people in the nation, say professors who theorize that particular geographies have particular personalities. Perhaps adding to New Yorkers’ stress level are the taxes and regulations that caused another set of professors to rank our state dead last when it comes to personal freedom.

•Putting their ambition on display, legions of laid-off New Yorkers have been starting their own businesses, but they shouldn’t expect an easy road. Despite the federal government’s efforts to resuscitate the financial market, small business lending is on track to decline again in 2009.

•New Yorkers helped pay for their hometown team, the Yanks, to build a spanking new stadium and then, thumbing their nose at the higher ticket prices, have been skipping the games. The Yankees are selling a lower percentage of their home game seats in their new, smaller stadium this year.

•New York is known as a city of excess, but New Yorkers actually spend less of their income on entertainment than Americans, perhaps because just living here is entertaining enough.

•The recession is likely heightening New Yorkers’ tendency to seek out low or no-cost entertainment: Circulation at the New York City Public Library is up 12% this year to 22 million.

•While fashion-first New Yorkers don’t necessarily pony up for big nights out, they do spend more on clothes and personal care than their national counterparts.

•Despite the aforementioned taxes and regulations, New York City remains the nation’s biggest corporate headquarters city, beating Texas up-and-comer Houston by a wide margin (43 to 25 headquarters of Fortune 500 companies).

•New York remains the nation’s business capital – but that may not be saying much. After years of slow growth, the government, health care and education sectors make up a full third of all the jobs in New York City

See the full slide show here

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