Thompson: New York's Economy Officially Sucks

Thompson: New York's Economy Officially Sucks

Now it's official. In a quarterly report released today, Comptroller and mayoral hopeful Bill Thompson said the fourth quarter of 2008 dealt the worst blow to New York City's economy in recent memory (as if we needed to be reminded).

Some findings from the report: New York City lost 65,000 payroll jobs during the last three months of the year, with construction, manufacturing, wholesale and retail trade, information, arts and entertainment, finance, and insurance sectors all experiencing losses and cutting workers.

The average market value of one-family households in NYC fell 6.8 percent in 2008. Middle-income households are falling as a percentage of all city households, while the number of low-income houses rose.

For the first time since 2001, the Midtown vacancy rate surpasses that of downtown Manhattan.

Upper-middle and high-income households (over $120,000 annual income) grew more than three percent between 1990 (when the city underwent a severe recession) and 2007. About 30 percent of NYC high-income households have at least one earner working in the financial sector.


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