Archive for Unemployment
NYC Economic Development Corp Releases July Economic Snapshot
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1-Manhattan 2-Brooklyn 3-Queens 4-Bronx 5-Staten Island
Today, the New York City Economic Development Corporation (NYCEDC) released its July newsletter. The Economic Snapshot highlights the most recent information about New York City employment, consumer spending and real estate.
A continued decline in New York City employment rates will continue to put downward pressure on apartment prices in the near future. It also has a negative effect on consumer confidence, a leading indicator of housing prices in NYC.
On the other side of the equation, the large decrease in construction and building starts will help keep inventory moderated in the near to midterm. This may help increase the absorption rate and decrease the days on market for existing apartment sales.
Highlights of the full report include:
• Private Employment fell by 4,500 in June, after a decrease of 3,700 jobs in May.
• The unemployment rate rose to 9.5 percent in June from 8.9 percent in May.
• The Manhattan hotel occupancy rate in June 2009 was 86.9 percent, down from 89.5 percent in June 2008.
• Building projects (including new, additions and alterations) that started construction in NYC declined by 20.4 percent and infrastructure (non-building) project starts increased by 22.3 percent from the four months ending June 2008.
• Planned space for building project starts decreased 73.6 percent from the same period in 2008
• 729 residential buildings with 1,949 units of housing started construction, decreases of 37.7 and 82.5 percent respectively from the previous year
• Passengers in NYC area airports totaled 8.7 million in May 2009, down 8.3 percent from May 2008.
• Hotel occupancy was 86.9 percent in June 2009,down from 89.5 percent in June 2008
• The average daily hotel room rate declined the most in lower-priced hotels (charging between $125 and $175 per night).
• There were approximately 882,000 tickets sold during the four weeks ending July 26, 2009, a 10.7 percent decrease from the same period last year
• Broadway revenue during this period was roughly $78.7 million, a 4.4 percent increase from last year
NYC Economic Development Corp Releases Economic Snapshot
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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.
