New York City (NYC) is made up of 5 different boroughs: Bronx, Brooklyn, Manhattan, Queens, Staten Island. A new report by Oxford predicts New York City economic outlook will retain its crown as the largest urban economy in the world through 2035. This is in no small part due to individuals and businesses moving to and staying in NYC. In fact 95% of the population growth for New York State was in the five boroughs. According to the Department of City Planning, since 2010 NYC has achieved an annual growth rate of 5.5% per year.
According to the New York City Comptroller Report, the local economy grew 3.9 percent in Q4 2018, the strongest growth since 4.0 percent in Q2 2017. For the year of 2018, the gross city product grew 3.0 percent, the most robust year over year growth rate since 2015. A key driver of the economy, the Banking and health industries, continued to perform strongly as a result of higher interest rates, lower corporate tax rates, and deregulation.
In NYC Private sector jobs rose over the year by 74,600, or 1.9 percent, to 4,009,700 in March 2019. The city’s over-the-year expectation remains positive, with six sectors adding jobs for the 12 months through 2019.
It is important to remember the government funding shutdown lasting from December 22, 2018 to January 25, 2019 was the longest in history. The Congressional Budget Office (CBO) estimates that the shutdown cost the nation’s economy $11 billion as result of reduced economic activity. Thus whilst the economy did incur growth, it could superseded its current numbers.
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