New York City's economy continues a solid growth trend, outpacing the nation on many fronts, according to the NYC Quarterly Economic Update released Thursday by New York City Comptroller Scott M. Stringer, with NYC's unemployment rate fell to 6.3 percent in 4Q14-- the lowest quarterly average rate in over six years.
Last year, in 2014, was one of the best job-producing years for New York City on record, with 88,900 (2.6 percent) private-sector jobs added. Job growth is robust, unemployment is down, and personal income tax revenues are at the highest level on record, Stringer reported.
"While our economy lost momentum late in the year, most indicators are trending in the right direction for New York City," Stringer said. "In 2015, we expect to see continued progress in restoring all of the City's communities to economic health."
Real Gross City Product (GCP), a measure of the City's total economic output, grew at an estimated 2.8 percent annual rate in 4Q14, a healthy but still weaker pace than the 4.2 percent registered in the previous quarter. Consumer spending, powered by rising employment and lower gasoline and heating prices, continued to drive economic growth.
Fourth quarter performance:
- Among the five boroughs, Manhattan had the lowest unemployment rate (not seasonally adjusted) of 5.2 percent in 4Q14, the smallest fourth-quarter rate since 2007. Queens' unemployment rate was 5.8 percent, Staten Island's was 5.9 percent, Brooklyn's was 6.9 percent, and the Bronx' was 9.3 percent in 4Q14. All of those are the lowest fourth-quarter rates since 2008
- The Brooklyn housing market continued to do well. The median sales price rose 2.6 percent and the average sales price rose 9.9 percent compared to the same period of 2013. The listing inventory rose 77.7 percent and number of sales fell 3.1 percent in 4Q14 over 4Q13. However, days on market fell 20.4 percent.
- The number of 1- to 3-family homes sold in Brooklyn fell 28.4 percent. The average sales price per square foot rose 25.7 percent in Brooklyn.
"As we head into 2015, we will continue to watch whether some of the wage gains we saw this past year will raise the paychecks of working New Yorkers," said Stringer.
To view the full report, click here.