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Brooklyn Job Growth Outpaces City, State, Nation
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Employment has grown faster in Brooklyn since the end of the recession than in the rest of New York City, the state and the nation, State Comptroller Thomas P. DiNapoli reported. The borough’s unemployment rate has fallen to a record low of 4.2%.
Private-sector employment in Brooklyn grew by 4.4% in 2017, nearly twice as fast as the city overall. With the number of businesses reaching 61,300 at the end of last year, Brooklyn has also seen the fastest post-recession growth in this metric among the city’s five boroughs. The borough has set employment growth records for eight consecutive years.
Technology employment in Brooklyn has increased by 57% since 2009, reaching a record 9,800 jobs. With an average salary of $92,900, the tech sector is among the borough’s highest-paying industries. Similarly, employment in the information sector has increased by 58%.
DiNapoli’s report also found that median rent has made comparable percentage gains in a number of neighborhoods undergoing gentrification, thereby making it more difficult for long-term residents not residing in rent-regulated apartments or public housing to remain in their homes. For example, median rent increased by more than 50% between 2006 and 2016 in Greenpoint, Williamsburg, Bedford-Stuyvesant, Bushwick, Brownsville and Ocean Hill.
“It’s an exciting time for Brooklyn, with record employment, business growth, and a budding tech sector,” DiNapoli said. “Brooklyn is also home to world-class cultural and academic institutions, which play an important role in the local economy and in attracting new residents. While there are still challenges that need to be addressed, including poverty and a shortage of affordable housing, this report shows that the efforts of Brooklyn’s elected leaders, business community and civic groups are paying off.”
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- ◦Economy
