Business

Brooklyn leads states economic growth, says NYS comptroller

June 5, 2014 Heather Chin

Share this:

Brooklyn is king of economic growth in New York City, with the number of businesses growing by 21 percent, private sector jobs increasing by 19.8 percent, and manufacturing jobs rising by 2.5 percent between 2003 and 2012, according to an economic snapshot of the boroughs economic activity. The study was released by state Comptroller Thomas DiNapoli on May 27.

Business in Brooklyn is booming and people want to live there because of the boroughs economic opportunities, its diversity and its outstanding schools, museums and nightlife, said DiNapoli, adding that challenges such as unemployment and high cost of housing/living have not impeded Brooklyns overall growth.

Now we must spread the wealth, agreed Mayor Bill de Blasio, Brooklyn Borough President Eric Adams and Brooklyn Chamber of Commerce President Carlo Scissura.

Its our job to make sure this is a rising tide that raises all boats, through investments in Brooklyns tech ecosystem and the construction and preservation of affordable housing, said de Blasio.

Adams added that a focus on Superstorm Sandy recovery efforts, stronger STEM education programs, workforce development and more affordable housing will hopefully go a long way toward closing the inequality gap.

[Lets] ensure. . . that all of our communities benefit from Brooklyns renaissance, said Scissura.

That renaissance includes a 36 percent increase in leisure and hospitality jobs in the borough between 2008 and 2012; a low, but swiftly rising median household income; more manufacturing jobs; an influx of higher-paying technology and creative jobs; and a 42 percent jump in private sector wages since 2003although the average $38,550 salary is the lowest private sector wage in the city.

Ongoing development in Brooklyn also promises continued economic change. Upcoming projects include the completion of the Downtown Brooklyn Cultural District, the housing/retail development of the former Domino Sugar factory in Williamsburg, the first phase of the Livonia Commons housing and arts project in East New York; and the redevelopment of Flatbushs Loews Kings Theater.