Brooklyn growth fuels NYC’s economic expansion
New York City’s economic expansion during the past three years has been fueled by gains in Brooklyn, the Bronx and Queens, according to a series of reports issued by the state Comptroller’s Office during the past few months.
In Brooklyn, the population has increased 19 percent since 1980; 36 percent of the population are immigrants, who contribute to the growth of businesses; there has been a 48 percent gain in business sales since 1997, and there has been a 39 percent gain in private-sector jobs since 2009. The borough’s average salary is $42,500, and its median household income is $55,200.
“Brooklyn’s story is all about the college graduates flocking to live there,” Crain’s said. “The number of people ages 25 to 34 has jumped by nearly 100,000 since 2000, and the number of residents with a bachelor’s degree or higher rose by 15 percentage points to what is now the citywide average, 36 percent.”
Still, the borough’s average private-sector wage is the lowest in the city, which Crain’s said signifies a high reliance on retail jobs. In addition, Brooklyn’s average unemployment rate for 2017 was 20 percent, well above the national rate of 12.7 percent.
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