BY JOE MARVILLI
While many still look at Manhattan as the economic engine of the City, the other four boroughs are outpacing it in job growth.
According to data from the New York Federal Reserve, private sector employment grew at a rate nearly three times higher than Manhattan between 2007 and 2013. The combined growth of Queens, Brooklyn, the Bronx and Staten Island went up by 11 percent within those six years. Manhattan only grew by three percent.
One of the reasons for the change is a rapidly diversifying City economy that relies less on the traditional powerhouse of Wall Street and more on other successful enterprises, such as technology. In the last few years, the number of tech start-ups in Long Island City has boomed.
“It is fast-growing and it’s a huge driver for economic growth,” Jukay Hsu, the founder of Coalition for Queens, said. “For every one tech job, over four additional non-tech jobs are created.”
The Borough’s nascent technology sector will get an additional boost from the $2 billion Cornell Technion Center on Roosevelt Island.
Reach Joe Marvilli at (718) 357-7400, Ext. 125, firstname.lastname@example.org, or @Joe Marvilli.