July 2013 Economic Snapshot - NYCEDC

The Manhattan Class A office vacancy rate was 9.5 percent in June 2013, while the average asking rent was. $70 PSF. Passengers in NYC area airports.
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ECONOMIC SNAPSHOT A Summary of New York City’s Economy JULY 2013

Employment

HIGHLIGHTS



Private sector jobs in New York City rose by 3,000 in May 2013 after an increase of 14,900 in April.

Private employment rose by 3,000 in



In the same period, government jobs in the City fell by 700, resulting in a net increase of 2,300 total private and public sector jobs.



Since May 2012, private sector employment has risen by 66,100 jobs or 2.0 percent.



The City’s unemployment rate fell from 8.4 percent in April to 8.3 percent in May.



Between April and May, the number of employed City residents increased by 13,300, and the number of unemployed City residents fell by 3,900.

May 2013 after an increase of 14,900 in April. The unemployment rate fell from 8.4 percent in April to 8.3 percent in May. The Manhattan hotel occupancy rate

Industry

in May 2013 was 91.9 percent, up

Employment (000s) May-13

Apr-13

from 91.1 percent in May 2012. FIRE The Manhattan Class A office vacancy

438

Finance & Insurance

437

Change

Change

From Prev. Month

From May-12

1

(2)

320

320

1

(1)

166

166

0

(1)

rate was 9.5 percent in June 2013,

Securities

while the average asking rent was

Banking

91

90

1

1

$70 PSF.

Other

63

63

(0)

(1)

Real Estate

118

117

1

(0)

2,168

2,166

3

56

Information

173

176

(2)

(5)

Professional & Business

639

640

(0)

24

Prof., Scientific & Tech.

360

359

1

10

63

63

(0)

(3)

SERVICES

Passengers in NYC area airports totaled 9.2 million in April 2013, down 2.5 percent from April 2012.

Mgt. of Companies & Enterprises

217

218

(1)

17

Educational

187

188

(1)

1

Health & Social Assistance

619

619

0

20

76

75

2

2

Accommodation & Food

295

293

2

5

Other

178

175

3

8

Administrative

Arts & Entertainment

Unemployment Rates Place of Residence

May-13

May-12

TRADE

478

478

(0)

12

Bronx

12.2%

12.7%

Retail

335

335

1

10

9.7%

10.0%

Wholesale

143

144

(1)

3

75

75

(1)

(2)

Brooklyn

12 Months Ending

Manhattan

7.5%

7.7%

Queens

8.0%

8.3%

Staten Island

8.2%

8.5%

NYC

9.0%

9.3%

Source: New York State Department of Labor (NYSDOL)

MANUFACTURING TRANSPORTATION & UTILITIES

121

122