BOROUGH TRENDS & INSIGHTS

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July_2016_Bronx_Borough_Update

BOROUGH TRENDS & INSIGHTS

Analyzing New York City’s Local Economies

THE BRONX UPDATE | JULY 2016

Highlights

P.2 The largest portion of

Bronx residents speak

Spanish at home

P.3 Private sector jobs up 20.0%

from 2004 to 2014

P.3 Unemployment rate at 8.2%,

down from a peak of 12.6%

P.4 Number of bike lanes

increased 92% between

2007 and 2014

P.7 Office rental rates have

increased nearly 50% between

2005 and 2015


The “BOOGIE DOWN” BRONX is getting a new groove. As this Borough Report Shows, two decades of

growth has made the Bronx a shining example of inclusive innovation and economic growth in action, topping

charts in borough-to-borough pair-ups. Between 2004 and 2014, private sector jobs in the Bronx grew 20%,

second only to Brooklyn in terms of borough-wide job growth. Meanwhile, the borough has seen the City’s

sharpest decline in the unemployment rate, at -1.9% during that period.

These are statistics that NYCEDC and Mayor de Blasio are building upon, making investments targeted at the

communities of the Bronx; with the largest population growth of any borough, it’s a population that remains

majority-minority. That’s precisely why much of our work at NYCEDC focuses on:

Minority and women-owned business enterprises (MWBEs), ensuring that these small businesses can

gain greater access to city contracting and procurement process to expand their businesses. Programs like Next

Level Bronx help small firms build the capacity to scale their businesses and work with government.

Community Planning Initiatives, launching a community engagement process to think through the investments

needed in critical infrastructure in the Lower Grand Concourse and surrounding sections of the Bronx,

from waterfront access to traffic safety. We are currently in the process of discussing investment options and

scenarios based on the results of engineering investigations and feedback received.

Area-Wide Investment at Hunts Point, where we’re taking steps to strengthen not just the Food Distribution

Terminal that provides upwards of 50% of the food to the City and region, but the entire neighborhood. To

ensure the resiliency of our food supply during extreme weather events, we are making over $150 million in

infrastructure upgrades to the area surrounding the market, modernizing the buildings and facilities, activating

underutilized space, and providing space for dozens of small businesses to set up shop at the distribution

center, all of which will generate nearly 900 construction jobs and approximately 500 permanent jobs. That

comes on top of a recently concluded $20 million, 100,000 square foot expansion of the Baldor Facility, which

will create 350 new jobs at the market.

Expanding Healthcare Access: The South Bronx is one part of our city that for decades didn’t get its due—

where people have fought through some truly tough times. Only 76.4% of residents rate their health as good

or better. Access to healthcare is a fundamental right, and an essential part of any complete neighborhood.

That’s why our Community Health Center Expansion Program is supporting the creation of new community

health center locations in New York City, fulfilling Mayor de Blasio’s pledge to provide much needed care to

under-served communities throughout the five boroughs. Within just seven months of announcing the Caring

Neighborhoods Initiative, we’ve expanded two community health centers in the Bronx, and we’ll be building

on this success throughout the five boroughs.

As this Borough Report shows, the growth of the Bronx is a testament to the strength and resiliency of its

people. And we anticipate that it’s just getting started.

July 2016 | 2


THE BRONX is the northernmost of the five boroughs of New York City, with a land area of 42 square miles.

While it is the second least populous of the boroughs, it has experienced the fastest population growth in recent

years, and is home to a range of world-famous attractions. This update provides an overview of trends in the

borough’s demographics, economy, transportation, quality of life, and housing and construction activity.

POPULATION AND DIVERSITY

• While the Bronx has the second smallest population out of the five

boroughs at 1.4 million residents, it has experienced the fastest

population growth, at 9.2% between 2004 and 2014. If the Bronx

were its own city, it would be the 8th largest in the U.S. by population.

• The majority of Bronx residents are Hispanic or Latino (54.8%), but

there are also significant proportions of Black or African American

residents (29.6%) and White residents (10.2%).

• Spanish is the predominant language in the Bronx with 47.4% of

residents speaking Spanish or Spanish Creole at home. This is the

highest share of Spanish speaking residents out of the five boroughs.

40.7% of Bronx residents speak only English at home, the lowest

share of all five boroughs.

• 34.9% of Bronx residents are foreign-born, and the number of foreignborn

residents has increased by 21.8% since 2004. Of those, 75.6%

come from Latin America, 11.2% from Africa, and 8.1% from Asia.

Bronx Population by Race, 2014

Language Spoken at Home, 2014 – Bronx vs. NYC

60%

Bronx

NYC

White

10.2%

Black or

African

American

29.6%

American

Indian or

Alaskan Native

0.3%

50%

40%

Asian

3.8%

30%

Hispanic

or Latino

54.8%

Native Hawaiian or

Pacific Islander

0.0%

Other Race

0.7%

20%

10%

Two or

More Races

0.7%

0%

English

only

Spanish

Other

Indo-

European

Asian

and

Pacific

Islander

Other

Speak

English

less than

"very well"

Source: U.S. Census Bureau, 2014 American Community Survey, 1-Year Estimates

Source: U.S. Census Bureau, 2014 American Community Survey, 1-Year Estimates

July 2016 | 3


ECONOMY AND EMPLOYMENT

• In 2014, total private sector employment in the Bronx was 231,050.

Private sector employment grew by 20.0% between 2004 and 2014,

a faster rate than the City as a whole (18.7%).

• Between 2004 and 2014, employment growth was fastest in

Accommodation and Food Services (53.9%), Transportation and

Utilities (45.8%), and Arts, Entertainment, and Recreation (36.1%). Of

the nearly 38,500 new private sector jobs added from 2004 to 2014,

over half (51.2%) were in the Health Care and Social Assistance sector.

This sector constitutes 39.4% of total private sector employment in the

Bronx, more than twice the share found in in the City overall (18.5%).

The top five employers in the Bronx are hospitals or medical schools.

• Educational Services experienced the largest increase in average real

wages (21.8%) in the Bronx over the period 2004–2014.

• Median household income in the Bronx was $33,712 in 2014, the

lowest of the five boroughs and below the citywide median of

$52,996. At $18,158, the Bronx was also home to the lowest per

capita income of all five borough in 2014, nearly 45% below that of

the city overall.

• The Bronx resident unemployment rate was 7.9% in December 2015

(12-month average). While this was the highest unemployment rate of

all the boroughs, and above the citywide rate of 5.7%, it wvas down

from a post-recession peak of 12.5% in 2012.

Percentage of Bronx Workforce by Enterprise Size, 2013


ECONOMY AND EMPLOYMENT continued

12-Month Moving Average Resident Employment and Unemployment Rate, 2005–2015

Bronx Resident

Employment

Bronx

Unemployment

Rate

NYC

Unemployment

Rate

580,000

14.0%

560,000

12.0%

540,000

520,000

10.0%

500,000

480,000

460,000

8.0%

6.0%

4.0%

Unemployment Rate

440,000

420,000

2.0%

400,000

0.0%

Jun-05

Dec-05

Jun-06

Dec-06

Jun-07

Dec-07

Jun-08

Dec-08

Jun-09

Dec-09

Jun-10

Dec-10

Jun-11

Dec-11

Jun-12

Dec-12

Jun-13

Dec-13

Jun-14

Dec-14

Jun-15

Employment

Dec-15

Source(s): New York State Department of Labor, Quarterly Census of Employment and Wages; Bureau of Labor Statistics, Consumer Price Index (MSA)

TRANSPORTATION

• Bronx subway ridership is the second lowest in the city, behind Staten

Island, with approximately 486,783 riders entering Bronx subway

stations during the average weekday and 522,850 during the average

weekend in 2014. The busiest station in the Bronx is 161 St/Yankee

Stadium, which had nearly 9 million subway riders in 2014.

• The subway stations that have seen the biggest growth in ridership were

mostly in the North Bronx along the 2 and 5 lines. Wakefield-241 St

saw annual ridership increase 174.8% between 2005 and 2014. Several

stations on the 6 line saw ridership decreases over this period.

• The average travel time to work for Bronx residents rose from 40.6

minutes in 2004 to 43.1 minutes by 2014, the highest average

commuting time of the five boroughs. This may be attributable to the

fact that only 42.0% of people who live in the Bronx also work in the

borough – the lowest share of all five boroughs. The majority of Bronx

residents took public transit to work (62.8%) in 2014.

• Select Bus Service came to the Bronx in 2008, with a route on Fordham

Road-Pelham Parkway that decreased travel time by 20%. An additional

route on Webster Avenue was added in 2013. The Citywide Ferry Service

will begin operation in the Bronx in 2018, with a landing at Southview.

• The Bronx has also added 83.6 miles of bike lanes since 2007, bringing its total

to 174.1. This 92.4% increase in bike lanes is the largest of any borough.

Bronx Top 5 Stations by Ridership Growth, 2005 vs. 2014

Station 2005 2014 % Change

Wakefield-241 St (2) 607,572 1,669,608 174.8%

225 St (2,5) 620,368 1,445,591 133.0%

Freeman St (2,5) 748,006 1,517,066 102.8%

Allerton Av (2,5) 919,893 1,829,712 98.9%

Woodlawn (4) 1,389,635 2,375,663 71.0%

Bronx Bottom 5 Stations by Ridership Growth, 2005 vs. 2014

Station 2005 2014 % Change

Nereid Ave (2,5) 1,015,761 1,183,733 16.5%

Hunts Point Ave (6) 2,771,008 3,138,131 13.2%

Zerega Ave (6) 606,606 599,478 -1.2%

Buhre Ave (6) 714,769 637,600 -10.8%

Castle Hill Ave (6) 1,833,830 1,491,030 -18.7%

Source: MTA

Note: Numbers reflect total annual ridership

July 2016 | 5


TRANSPORTATION continued

Means Of Transporation To Work For Workers 16 Years And Over Who Did Not Work At Home, Bronx, 2014

Public Transportation 62.8%

Drove Alone 23.6%

Carpooled 3.9%

Walked 7.6%

Taxicab, motorcycle,

or other means

1.9%

Source: U.S. Census Bureau, 2014 American Community Survey, 1-Year Estimates

CULTURE AND RECREATION

• The Bronx is home to world-famous attractions like the New York

Yankees, the Bronx Zoo, and the New York Botanical Garden.

• Some of the City’s largest parks are located in the Bronx. At 2,766 acres,

Pelham Bay Park is bigger than Central Park, Prospect Park, and Flushing

Meadows combined. Van Cortlandt Park, also in the Bronx, is the City’s

third largest, at 1,146 acres. The Bronx Zoo is America’s largest urban

zoo, comprised of 265 acres of park land with some 650 species. It is

also one of the most visited, with over 2 million visitors annually.

• 19% of the Bronx’s 42 square miles is designated greenspace. The

South Bronx Greenway will add to this total, while also promoting

transportation safety and environmental remediation.

• The Hunts Point Distribution Center is one of the largest food markets

in the United States by revenue, with $3 billion in annual sales.

Comprised of 155 public and private wholesalers, its markets supply

approximately half of the produce found in the City’s produce aisles.

• The Bronx is also home to the New York Yankees, winners of 27 World

Series since 1903. As part of the Yankee Stadium Area Redevelopment

Project, completed in 2010, the City built four new parks with highquality

recreation facilities and planted 8,000 trees. The new stadium

now employs 4,047 people, an increase of 1,600 from the old facility.

CRIME, EDUCATION AND HEALTH

• Between 2004 and 2014, the number of reported crimes in the Bronx

declined by 19.2%. This was below the citywide decline of 25.1%

over the same period.

• Many institutions of higher education are located in the Bronx,

including Fordham University, The College of Mount Saint Vincent,

Manhattan College, The State University of New York Maritime

College, and several CUNY affiliates.

• In 2014, 12.5% of Bronx residents (aged 25 and over) held a Bachelor’s

Degree as their highest level of education, and 6.7% held a graduate

or professional degree. While these are the lowest shares of the five

boroughs, the number of Bronx residents (aged 25 and over) with a

Bachelor’s Degree and a graduate or professional degree increased by

45.7% and 23.5%, respectively, between 2004 and 2014.

• The majority of Bronx residents rated their health as good or better

in 2014 (76.4%), which was below the citywide average (77.8%). In

2014, the uninsured rate in the Bronx (13.4%) was slightly above the

city average (11.4%), but has been trending down from a peak of

16.1% in 2010.

Bronx Number of Crimes, 2004 vs. 2014

2004 2014 % of City Total, 2014 % Change, 2004–2014

Murder 126 95 28.5% -24.6%

Rape 402 309 22.9% -23.1%

Robbery 5,076 3,990 24.1% -21.4%

Fel. Assault 4,541 5,190 25.7% 14.3%

Burglary 4,872 2,858 17.0% -41.3%

Gr. Larceny 5,052 5,957 13.6% 17.9%

G.L.A. 4,516 1,474 19.2% -67.4%

TOTAL 24,585 19,873 18.6% -19.2%

Source: NYPD Comp Sheet

Note: G.L.A. is Grand Larceny Auto

July 2016 | 6


CRIME, EDUCATION AND HEALTH continued

Self-Reported Health Status, Bronx, 2014

Percentage Without Health Insurance, Bronx, 2014

40.0%

35.0%

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

Bronx

NYC

Excellent Very good Good Fair or poor

40%

35%

30%

25%

20%

15%

10%

5%

0%

Total

Population

19-15

years

Bronx

White

Alone

NYC

Black or Hispanic

African or Latino

American (of any

Alone race)

Not a

Citizen

Source: NYC Department of Health and Mental Hygiene, Community Health Survey

Source: American Community Survey, 2014

Educational Attainment - Bronx Population 25 Years and Over, 2005 vs. 2014

Highest Level of Education 2005 2014 % Change

Less than High School 32.0% 29.5% -2.5%

HS graduate, GED, or alternative 30.8% 27.3% -3.5%

Some college or Associate's degree 21.1% 23.9% 2.8%

Bachelor's degree 10.2% 12.5% 2.3%

Graduate or professional degree 5.9% 6.7% 0.8%

Source: U.S. Census Bureau, 2014 American Community Survey, 1-Year Estimates

The Academic Tradition of the Bronx

In the 1930s, James J. Lyons, the then Borough President of the

Bronx, nicknamed the Bronx the “Borough of Universities.” Today the

university campuses in the Bronx continue to play an integral role in

the borough’s economic and cultural fabric, with many renowned for

their impressive architecture.

The Bronx is home to CUNY schools including Bronx Community

College and Lehman College, with an enrollment of over 11,000

students. The Manhattan College is also located in the Bronx, with its

athletic facilities used as the venue for traditional Gaelic sports in the

City. In terms of green space, however, Fordham University covers the

most ground. The oldest institution of higher education in the Bronx,

Fordham’s main campus in the North Bronx, Rose Hill, covers 85 acres

and is one of the largest privately owned green spaces in New York

City. The Rose Hill campus is well known for its Gothic architecture

and tree-lined walkways; a picturesque site that is frequently used

as a set by TV and film crews. The Bronx Community College, which

today occupies a former campus of New York University, has also

earned a reputation for its architectural design. It is home to the

Gould Memorial Library, designed by architect Stanford White, which

for decades was considered one of the most distinguished buildings

in the borough.

The Bronx is also home to prominent post-graduate institutions. Albert

Einstein College of Medicine, in addition to having a reputation as a

major biomedical and clinical research facility, is one of the borough’s

largest employers, with over 3,000 employees. The National Institute

of Health funds research centers at Einstein in a number of fields,

including cancer, diabetes, AIDS, and aging.

July 2016 | 7


HOUSING AND CONSTRUCTION

• In 2014, the Bronx median home value was $359,100, below the

citywide median of $496,200. Median home values in the borough

have not yet recovered to the pre-recession levels; rather they are

down 20.1% between 2007 and 2014 after adjusting for inflation.

• There were 492,481 occupied housing units in the Bronx in 2014; the

fewest among the five boroughs except for Staten Island. The Bronx

also had the lowest ownership rate of all the boroughs, at 21.2%.

• In terms of rental housing, the Bronx has the lowest percentage of

market rate units (16.7%) and the highest percentage of rent-stabilized

units (44.1%) of any borough.

• In 2015, 5.7 million square feet of additional residential and

nonresidential space was constructed in the Bronx, valued at more

than $2.2 billion.

• Commercial space in the Bronx continues to increase. Between 2005

and 2015, office space (Class A, B, and C) increased by 16.3% to

$10.2 million square feet of Rentable Building Area (RBA). The vacancy

rate for all classes in 2015 was 11.9%, the highest of any borough.

Despite significant vacant square footage, the direct average rental

rate for office space in the Bronx was $29.28 per square foot in 2015,

up from $19.75 in 2005.

Share of Rent-Regulated Housing, Bronx, 2012

Homeownership Rate

Rent Stabilized or Rent Controlled

Market Rate Rental

Public Housing

Other Subsidized Rental

Office RBA Vacancy, Vacancy Rate and Average Rental Rate

by Type, Bronx, 2005 vs. 2015

Class ABC

2005 2015 % Change

Vacancy 942,784 1,199,522 27.2%

Direct Vacancy Rate 10.7% 11.7% 9.3%

Rental Rate $21.15 $29.28 38.5%

Vacancy 43,850 13,864 -68.4%

Sublet Vacancy Rate 0.5% 0.2% -70.0%

Rental Rate $6.75 $65.33 867.9%

Vacancy 986,634 1,213,386 23.0%

Total Vacancy Rate 11.2% 11.9% 5.8%

Rental Rate $19.75 $29.28 48.3%

Indexed Change in Median Home Value, 2005–2014 (2005=100)

115

110

105

100

95

Bronx New York City United States

90

10.7%

19.6%

16.7%

8.9%



85

80

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

44.1%


Source: U.S. Census Bureau, American Community Survey, 1-Year Estimates.

Note: Home values inflated to 2014$ using the U.S. Bureau of Labor Statistics’

Consumer Price Index for All Urban Consumers - Housing in the New York-Northern

New Jersey-Long Island, NY-NJ-CT-PA metropolitan area (Bronx, NYC) and the U.S.

City Average – Housing (U.S.)

Source: NYU Furman Center, 2008

Bronx Housing Occupancy Distribution, 2014

Bronx Value and Number of Construction Projects by

Type, 2005–2015

Conventional Condo Coop Mitchell Lama Coop

Nonresidential Value (000’s)

Nonbuilding Value (000’s)

Residential Projects

Residential Value (000’s)

Nonresidential Projects

Nonbuilding Projects

Renters,

78.8%

380,084

Homeowners,

21.2%

102,231

51,499

9,234

19,988

21,510

2,000,000

1,600,000

1,200,000

800,000

400,000

0

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

1,000

900

800

700

600

500

400

300

200

100

0

Source: 2014 New York City Housing and Vacancy Survey

Source: McGraw-Hill Construction

Note: Values are not adjusted for inflation

July 2016 | 8


APPENDIX

Indicator 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Population and Diversity

Total Population 1,317,547 1,309,640 1,361,473 1,373,659 1,391,903 1,397,287 1,386,657 1,392,002 1,408,473 1,418,733 1,438,159 *

Foreign Born 411,584 418,643 433,467 431,061 455,298 446,136 475,734 471,136 488,956 478,518 501,300 *

Hispanic or Latino 684,652 684,361 693,884 702,073 719,596 726,265 743,681 748,438 764,609 774,778 788,575 *

Median Age 31.7 31.8 32.2 32.4 32.4 32.7 32.8 32.8 33.0 33.3 33.4 *

Economy and Employment

Median Household

Income (nominal $)

$28,705 $29,228 $31,494 $34,156 $35,033 $32,893 $32,568 $32,058 $32,460 $33,009 $33,712 *

Per Capita Income $15,235 $15,546 $15,774 $17,214 $17,628 $17,215 $16,671 $16,879 $17,603 $17,907 $18,158 *

Labor Force (000's) 502.1 507.2 505.4 512.5 523.7 533.9 582.3 584.0 595.8 602.6 606.6 612.9

Employed (000's) 455.8 468.8 471.7 477.5 484.1 469.6 512.5 514.1 521.5 531.9 547.2 564.8

Unemployed (000's) 46.2 38.4 33.6 35.0 39.6 64.2 69.8 69.9 74.3 70.7 59.5 48.1

Unemployment Rate (%) 9.2 7.6 6.7 6.8 7.6 12.0 12.0 12.0 12.5 11.7 9.8 7.9

Private Payroll

Establishments

Private Payroll

Employment

Private Payroll Average

Wages (nominal $)

15,000 15,298 15,488 15,350 15,431 15,731 16,296 16,566 16,789 16,959 17,237 *

192,581 198,192 199,027 199,002 202,841 206,682 209,553 212,613 214,249 222,371 231,051 *

$36,146 $37,319 $39,079 $40,773 $42,215 $42,596 $42,644 $42,960 $43,609 $44,644 $45,150 *

Housing and Construction

Number of Housing Units 498,593 502,211 506,396 508,570 512,209 513,457 512,024 512,320 514,051 516,474 522,161 *

Number of Vacant

Housing Units

Median Value for

Owner-Occupied Units

(nominal $)

30,239 34,001 35,557 39,124 38,325 35,602 40,112 45,182 38,073 35,331 29,680 *

$269,520 $330,500 $366,500 $392,100 $406,000 $393,600 $388,900 $372,100 $357,700 $369,400 $359,100 *

Total Number of Projects 1,072 1,042 1,201 811 764 633 409 492 473 559 506 484

Nonresidential 194 222 216 204 260 310 189 238 202 262 202 199

Residential 814 760 913 546 432 220 138 179 208 227 239 228

Nonbuilding 64 60 72 61 72 103 82 75 63 70 65 57

Value (000's) $1,095,480 $1,700,342 $2,641,165 $3,200,096 $2,426,214 $1,758,342 $1,138,168 $1,448,242 $848,826 $1,667,011 $1,139,708 $2,225,040

Nonresidential $336,199 $909,256 $778,219 $1,074,146 $1,043,599 $701,817 $484,913 $996,192 $411,805 $901,669 $463,105 $585,038

Residential $563,658 $554,871 $506,327 $348,319 $752,564 $417,481 $341,349 $282,258 $261,936 $427,940 $412,130 $1,092,340

Nonbuilding $195,623 $236,215 $1,356,619 $1,777,631 $630,051 $639,044 $311,906 $169,792 $175,085 $337,402 $264,473 $547,662

Square Feet (000's) 5,475 8,194 8,981 7,100 8,561 3,926 2,900 3,023 2,345 6,226 2,954 5,778

Nonresidential 615 2,860 3,733 3,425 3,388 1,149 959 1,744 1,108 3,772 806 1,446

Residential 4,860 5,334 5,248 3,675 5,172 2,777 1,941 1,279 1,237 2,454 2,148 4,335

Transportation

Subway Ridership

Average Weekday 379,969 392,512 403,801 418,840 444,945 442,460 450,210 459,273 469,568 476,652 486,784 *

Average Weekend Day 196,770 205,241 207,792 221,817 234,218 233,785 238,583 241,638 252,452 254,020 261,427 *

Average Travel Time

to Work (Minutes)

40.6 41.7 40.6 41.3 41.2 42.2 42.9 41.7 42.8 42.2 43.1 *

Crime, Education and Health

Educational Attainment (Age 25+)

Less than High School 252,939 252,490 260,152 261,387 271,000 268,410 263,878 264,454 265,646 254,432 267,602 *

High school graduate,

GED, or alternative

Some college or

Associate's degree

226,006 243,938 246,407 249,672 223,444 223,883 248,232 237,307 236,061 248,942 247,640 *

183,672 167,360 182,626 183,882 202,441 202,392 200,282 209,583 213,294 220,259 217,169 *

Bachelor's degree 77,993 80,536 84,189 89,389 97,501 106,984 91,859 95,855 107,255 102,901 113,618 *

Graduate or

professional degree

49,398 46,555 50,962 54,300 56,398 56,675 52,797 53,947 51,397 61,205 61,008 *

School Enrollment (Age 3+)

Less than High School 230,102 222,389 225,115 217,415 216,064 217,243 205,487 208,168 204,381 206,181 206,140 *

High School 88,576 92,409 97,466 96,075 100,426 92,039 93,809 88,024 90,485 87,543 88,337 *

Undergraduate 72,345 71,665 74,369 86,824 84,378 76,669 81,251 88,782 94,385 97,209 84,235 *

Graduate or

professional school

11,888 12,298 12,045 13,474 13,320 13,976 13,703 15,301 13,239 15,469 14,654 *

* not yet reported


About NYCEDC

The New York City Economic Development Corporation is the City’s primary

engine for economic development charged with leveraging the City’s assets to

drive growth, create jobs and improve quality of life. NYCEDC is an organization

dedicated to New York City and its people. We use our expertise to develop, advise,

manage and invest to strengthen businesses and help neighborhoods thrive. We

make the city stronger.

About NYCEDC Economic Research & Analysis

The Economic Research and Analysis group from NYCEDC’s Center for Economic

Transformation conducts economic analysis of New York City projects, performs

industry and economic research on topics affecting the city and tracks economic

trends for the Mayor, policy-makers and the public as a whole. As part of its goal

of providing up-to-date economic data, research and analysis to New Yorkers,

it publishes a monthly New York City Economic Snapshot as well as the Trends

& Insights series of publications covering such topics as Tech Venture Capital

Investment, Borough & Local Economies, and Industry Economic Sectors. It also

sponsors the Thinking Ahead series of events that brings together thought

leaders and stakeholders to discuss and debate key issues shaping New York City’s

economic future.

Economic Research & Analysis Group

Michael Moynihan, PhD, Chief Economist & Senior Vice President

Eileen Jones, Vice President

Claudia Crawford, Assistant Vice President

Kyle Marks, Senior Project Manager

Matthew Gordon, Project Manager

Kimberly Grauer, Project Manager

Andrew Perry, Project Manager

Maria Surilas, Research Assistant

For more information, visit nycedc.com/NYCeconomics

Contact us at NYCeconomics@nycedc.com

April 2016 Borough Trends & Insights, authored by Claudia Crawford, Matthew Gordon, Kimberly Grauer,

Christian Johnson, Kyle Marks, Kristina Pecorelli, Andrew Perry, Nicholas Ryan-Schreiber, Maria Surilas

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