A report by the NY State comptroller finds: Between 2009 and 2017, job growth exceeded 70 percent in Bedford Stuyvesant, and business sales have more than doubled in the area.
Employment grew faster in Brooklyn since the end of the recession than in the rest of New York City, the state and the nation, and its unemployment rate has fallen to a record low, according to a report released on Friday by New York State Comptroller Thomas P. DiNapoli.
"It's an exciting time for Brooklyn with record employment, business growth and a budding tech sector," said DiNapoli. "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."
The report finds: Brooklyn has set employment records for eight consecutive years. Since 2009, the borough added 172,600 private sector jobs, far more than the 1,400 lost during the recession. In 2017, private sector employment grew by 4.4 percent, nearly twice as fast as the city overall. Job growth exceeded 50 percent between 2009 and 2017 in the areas of Bedford Stuyvesant (77 percent), Flatbush (70 percent), Borough Park (66 percent), Bensonhurst (62 percent) and Sheepshead Bay (59 percent).
The borough's unemployment rate fell from the recessionary peak of 9.9 percent in 2010 to 4.6 percent in 2017. And the trend continues as the rate declined further to 4.2 percent in April 2018. In some neighborhoods and for some segments of the population, the unemployment rate is even higher, according to the report.
"I am thrilled to see that Brooklyn's economy continues to set records, with our unemployment rate falling to a record low and our employment rate growing faster since the end of the recession," said New York City Council Majority Leader Laurie A. Cumbo. "We must work diligently to ensure that the economic benefits are felt by all of Brooklyn's families and communities, and by its small businesses."
In 2017, there were 61,300 businesses, marking a 32 percent increase since the end of the recession. In the same period, business sales grew by 48 percent, reaching a record of $13.6 billion in 2016. The areas of Crown Heights, Williamsburg and Bedford Stuyvesant had the fastest growth, with sales more than doubling in each neighborhood.
Health care is the largest employer in Brooklyn with 149,100 jobs in 2017. Since 2009, the sector has seen a 54 percent increase, far more than any other sector, according to the report. Retail trade is the second-largest employer with 77,100 jobs; the sector grew by 36 percent between 2009 and 2017, more than twice as fast as in the rest of the city. Also the technology field joins the borough's fastest-growing employment sectors. Since 2009, employment has grown by 57 percent, and with an average salary of $92,900, technology is also among the borough's highest-paying industries.
Brooklyn Congressman Hakeem Jeffries, who represents the 8th Congressional District of New York, is not surprised by the borough's success.
"Brooklyn is a diverse mosaic of some of the smartest people and best-run companies in the world," said Congressman Hakeem Jeffries."We must continue to work diligently to ensure that people have access to good-paying jobs and that businesses have the freedom and resources needed to thrive. I am incredibly fortunate to represent such a magical place."
To read the complete report, go here.