http://www.crainsnewyork.com/article/20100801/FREE/308019964 In the first half, the city economy grew by 1.7% (or 51,500 jobs), compared with 0.6% for the U.S. (593,000 jobs), according to an analysis of state Department of Labor data by real estate services firm Eastern Consolidated. One reason the city has topped the nation: It relies less than other metro areas do on construction and... [more]
http://www.crainsnewyork.com/article/20100801/FREE/308019964
In the first half, the city economy grew by 1.7% (or 51,500 jobs), compared with 0.6% for the U.S. (593,000 jobs), according to an analysis of state Department of Labor data by real estate services firm Eastern Consolidated.
One reason the city has topped the nation: It relies less than other metro areas do on construction and manufacturing, which have been battered throughout the U.S. in the downturn.
While the city and the U.S. share an unemployment rate of 9.5%, New York's rate is more of a positive indicator. The city has shaved a full percentage point off its unemployment rate despite the fact that its work force has grown by 7,900, or 0.2%, since its previous peak in June 2009. Meanwhile, the nation's work force has fallen by 1.9 million, or 1.2%, since its last peak in May 2009, as the unemployed have grown discouraged and given up looking for jobs.
Plenty of indicators beyond the employment rolls point to New York's relative health.
Hotel occupancy rates are up—checking in at nearly 90% in May, up from a low of 68% in the first quarter of 2009, according to Colliers PKF Consulting USA. The average price per room is still below prerecession levels, but the growth in occupancy comes despite a surge of hotel openings over the past 18 months.
The city's commercial office market has also started to rebound, says Ken McCarthy, managing director for New York area research at Cushman & Wakefield. Midtown south, downtown and midtown Manhattan boast the three lowest vacancy rates in the nation—9.3%, 9.9% and 11.5%, respectively, according to Cushman's data.
Because the city lost a smaller proportion of its jobs in the downturn than the nation did, and because there was little significant new construction during the boom, local vacancy rates are below the national average of 14.8%, Mr. McCarthy adds.
Apartment rentals are surging, an indication that New Yorkers are confident in their ability to land jobs and that more people are moving here to seek work, says Economy.com's Ms. Di Natale. She also notes that in the first quarter, the Case-Shiller Condo Price Index rose by 1.6% in the New York area—the only area in the country that posted a gain, according to Fiserv and Economy.com.
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Response by JuiceMan
almost 16 years ago
Posts: 3578
Member since: Aug 2007
Yet more evidence of impeding doom.
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Response by stevejhx
almost 16 years ago
Posts: 12656
Member since: Feb 2008
Buy now or be priced out FOREVER!
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Response by alanhart
almost 16 years ago
Posts: 12397
Member since: Feb 2007
So the outtake is that New York's economy is in the shitter to a slightly lesser degree than the United States, which is mired in deep depression?
Strike up the band!
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Response by Riversider
almost 16 years ago
Posts: 13573
Member since: Apr 2009
One reason why Manhattan real estate will holder up better than the west Coast and some other hard hit areas.
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Response by Sunday
almost 16 years ago
Posts: 1607
Member since: Sep 2009
"While the city and the U.S. share an unemployment rate of 9.5%, New York's rate is more of a positive indicator."
Is Lawrence Yun working for Crains now?
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Response by alanhart
almost 16 years ago
Posts: 12397
Member since: Feb 2007
So if the city and the U.S. share an unemployment rate of 9.5%, that's 4.75% each. 4.75% unemployment is only a little high. Silly bears.
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Response by Riversider
almost 16 years ago
Posts: 13573
Member since: Apr 2009
Oh that hurt!
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Response by Sunday
almost 16 years ago
Posts: 1607
Member since: Sep 2009
I didn't read the whole article yet, but did it also explain how the unemployment in "NYS, outside NYC" = 7.3%, and NYC = 9.5% is a positive for NYC?
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Response by normanrockwell
almost 16 years ago
Posts: 9
Member since: Jul 2010
who ever believes that the unemployment is 9% to 10% in all states is out their freeky mind!
miami has 20% really, do not believe that stupid labor report.
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Response by alanhart
almost 16 years ago
Posts: 12397
Member since: Feb 2007
nor Riversider
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Response by columbiacounty
almost 16 years ago
Posts: 12708
Member since: Jan 2009
Who I think should be renamed Rentstabilizer aka RS.
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Response by stevejhx
almost 16 years ago
Posts: 12656
Member since: Feb 2008
"according to an analysis of state Department of Labor data by REAL ESTATE SERVICES FIRM Eastern Consolidated."
The New York Fed’s contribution to the latest Federal Reserve beige book report noted that the economy in the region, which includes parts of New Jersey and Connecticut, was generally stronger since the last report in June. The New York report was more upbeat than many of the other districts.
As previously reported by The Journal, the beige book confirms that there is some strength in the finance sector. “A securities-industry contact notes that, while there are ongoing layoffs in certain areas related to mergers and restructuring, major firms are hiring in the areas of accounting, compliance, and systems development,” the report said. “Compensation at large financial firms is reported to be holding relatively steady.”
As the financial-services sector picks up, there is more demand for support positions. “A major NYC employment agency, specializing in office jobs, reports that hiring activity has picked up since the last report. Demand from the legal sector remains brisk and financial sector hiring has picked up in recent weeks,” the New York Fed said, noting that “salaries for administrative jobs have started to edge up.”
Surprisingly, salaries may be moving up because the supply of office workers is getting tighter. The Fed pointed to a relatively light flow of college graduates looking for jobs. Perhaps some of the recent grads looking to ride out the recession in academia should rethink their choices.
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Response by stevejhx
almost 16 years ago
Posts: 12656
Member since: Feb 2008
New York was buoyed by gains in restaurants and retail trade, which both were boosted as business travel to the city picked up. Retail outlets recorded the largest gain of any city sector, showing a 10,500-job spike through June, while restaurants added 7,000 jobs.
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Response by Riversider
almost 16 years ago
Posts: 13573
Member since: Apr 2009
I'm not arguing that New York is off to the races, but that me may be the least bad off. We don't have the same level of over-building that occurred in Florida and California and the banking industry has picked up a bit, which is more than one can say for the rest of the country.
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Response by columbiacounty
almost 16 years ago
Posts: 12708
Member since: Jan 2009
So rent stabilizer
When you wrote new York is looking up, you meant
Ny may not be as far in the toilet as some harder hit areas?
That's obvious.
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Response by stevejhx
almost 16 years ago
Posts: 12656
Member since: Feb 2008
I wonder how many jobs Chelsea Clinton's wedding added.
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Response by Sunday
almost 16 years ago
Posts: 1607
Member since: Sep 2009
stevejhx, perhaps that's why unemployment in "NYS, outside NYC" is only 7.3% where as NYC = 9.5%.
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Response by stevejhx
almost 16 years ago
Posts: 12656
Member since: Feb 2008
Hey Juicy, which one of these waiters is going to buy your multimillion dollar flat? Maybe if you moved it closer to the Javitz Center, you could sublet it out as a dorm for the Service Workers Union.
HAHAHAHAHA!
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Response by LICComment
almost 16 years ago
Posts: 3610
Member since: Dec 2007
rs, aren't you aware that you are not supposed to post positive information on this site? It goes against the bears' message that real estate prices are crashing.
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Response by stevejhx
almost 16 years ago
Posts: 12656
Member since: Feb 2008
LICC, is your post related at all to Juicy's "impeding doom," the unfortunate Freudian slip that it was?
You know, all the positive in, "The city and the U.S. share an unemployment rate of 9.5%..."
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Response by JuiceMan
almost 16 years ago
Posts: 3578
Member since: Aug 2007
I heard there have been a bunch of jobs added to determine accurate square footage estimates for street easy posters. Steve may want to hire them.
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Response by LICComment
almost 16 years ago
Posts: 3610
Member since: Dec 2007
steve- the person who said Charlotte was becoming the U.S. capital of finance and all the jobs would be in Charlotte.
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Response by stevejhx
almost 16 years ago
Posts: 12656
Member since: Feb 2008
Oh, LICC, just because I called you out on being a renter in Astoria, don't take it out on me.
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Response by stevejhx
almost 16 years ago
Posts: 12656
Member since: Feb 2008
And Juicy, even better news for you when you relocate your properties to the Javitz Center, open them up as a dorm:
"NEW YORK - A planned New York City-New Jersey train tunnel under the Hudson River will add an average $19,000 to homes within two miles of stations and could ease financial strain on local governments, a study showed."
So in your mind your alcove studio will now be worth $2,019,000.
Pop the champagne cork now. Actually, make it hard cider, it's rough out there.
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Response by w67thstreet
almost 16 years ago
Posts: 9003
Member since: Dec 2008
20% ain't crashing? That's on a nominal basis w/o transaction cost for a highly leveraged highly risky asset.. flmaoz..
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Response by JuiceMan
almost 16 years ago
Posts: 3578
Member since: Aug 2007
Sweet, that 19k in additional equity will allow me to take a HELOC and buy that Subaru I've been dreaming about
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Response by stevejhx
almost 16 years ago
Posts: 12656
Member since: Feb 2008
You want something safer than a Subaru for the Juicelet. Go Volvo!
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Response by somewhereelse
almost 16 years ago
Posts: 7435
Member since: Oct 2009
"rs, aren't you aware that you are not supposed to post positive information on this site? It goes against the bears' message that real estate prices are crashing."
rs, aren't you aware that you're not supposed to post accurate information on this site? You might scare a bull.
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Response by somewhereelse
almost 16 years ago
Posts: 7435
Member since: Oct 2009
"20% ain't crashing? That's on a nominal basis w/o transaction cost for a highly leveraged highly risky asset.. flmaoz.. "
No, not when a bull refuses to lose an argument.
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Response by LICComment
almost 16 years ago
Posts: 3610
Member since: Dec 2007
Actually, the latest number is 12.3% median down from peak, and a very short-term peak at that. Sorry bears, your dreams of catastrophe just didn't happen.
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Response by somewhereelse
almost 16 years ago
Posts: 7435
Member since: Oct 2009
12.3% after falling 21% (more than 20%, the usual definition), and the 12.3% is actually misleading, its completely affected by blend. If you look at medians by category, its still 20%+ down for the most part. In short, apartments seem to be down way more than 12.3%:
> Median per category:
> Studio - 18% off peak current (25% off peak at last trough)
> 1 bed - 20% (21%)
> 2 bed - 24% (29%)
> 3 bed - 40% (48%)
> 4 bed + - 61% (90%)
18-61% is a far cry from 12.3%
> and a very short-term peak at that
Almost all peaks are short term. Thats why they're peaks. You even seen what a mountain looks like?
;-)
Yet more evidence of impeding doom.
Buy now or be priced out FOREVER!
So the outtake is that New York's economy is in the shitter to a slightly lesser degree than the United States, which is mired in deep depression?
Strike up the band!
One reason why Manhattan real estate will holder up better than the west Coast and some other hard hit areas.
"While the city and the U.S. share an unemployment rate of 9.5%, New York's rate is more of a positive indicator."
Is Lawrence Yun working for Crains now?
So if the city and the U.S. share an unemployment rate of 9.5%, that's 4.75% each. 4.75% unemployment is only a little high. Silly bears.
Oh that hurt!
I didn't read the whole article yet, but did it also explain how the unemployment in "NYS, outside NYC" = 7.3%, and NYC = 9.5% is a positive for NYC?
who ever believes that the unemployment is 9% to 10% in all states is out their freeky mind!
miami has 20% really, do not believe that stupid labor report.
nor Riversider
Who I think should be renamed Rentstabilizer aka RS.
"according to an analysis of state Department of Labor data by REAL ESTATE SERVICES FIRM Eastern Consolidated."
Case closed.
http://blogs.wsj.com/metropolis/2010/07/28/new-york-economy-needs-more-office-workers/
The New York Fed’s contribution to the latest Federal Reserve beige book report noted that the economy in the region, which includes parts of New Jersey and Connecticut, was generally stronger since the last report in June. The New York report was more upbeat than many of the other districts.
As previously reported by The Journal, the beige book confirms that there is some strength in the finance sector. “A securities-industry contact notes that, while there are ongoing layoffs in certain areas related to mergers and restructuring, major firms are hiring in the areas of accounting, compliance, and systems development,” the report said. “Compensation at large financial firms is reported to be holding relatively steady.”
As the financial-services sector picks up, there is more demand for support positions. “A major NYC employment agency, specializing in office jobs, reports that hiring activity has picked up since the last report. Demand from the legal sector remains brisk and financial sector hiring has picked up in recent weeks,” the New York Fed said, noting that “salaries for administrative jobs have started to edge up.”
Surprisingly, salaries may be moving up because the supply of office workers is getting tighter. The Fed pointed to a relatively light flow of college graduates looking for jobs. Perhaps some of the recent grads looking to ride out the recession in academia should rethink their choices.
New York was buoyed by gains in restaurants and retail trade, which both were boosted as business travel to the city picked up. Retail outlets recorded the largest gain of any city sector, showing a 10,500-job spike through June, while restaurants added 7,000 jobs.
I'm not arguing that New York is off to the races, but that me may be the least bad off. We don't have the same level of over-building that occurred in Florida and California and the banking industry has picked up a bit, which is more than one can say for the rest of the country.
So rent stabilizer
When you wrote new York is looking up, you meant
Ny may not be as far in the toilet as some harder hit areas?
That's obvious.
I wonder how many jobs Chelsea Clinton's wedding added.
stevejhx, perhaps that's why unemployment in "NYS, outside NYC" is only 7.3% where as NYC = 9.5%.
Hey Juicy, which one of these waiters is going to buy your multimillion dollar flat? Maybe if you moved it closer to the Javitz Center, you could sublet it out as a dorm for the Service Workers Union.
HAHAHAHAHA!
rs, aren't you aware that you are not supposed to post positive information on this site? It goes against the bears' message that real estate prices are crashing.
LICC, is your post related at all to Juicy's "impeding doom," the unfortunate Freudian slip that it was?
You know, all the positive in, "The city and the U.S. share an unemployment rate of 9.5%..."
I heard there have been a bunch of jobs added to determine accurate square footage estimates for street easy posters. Steve may want to hire them.
steve- the person who said Charlotte was becoming the U.S. capital of finance and all the jobs would be in Charlotte.
Oh, LICC, just because I called you out on being a renter in Astoria, don't take it out on me.
And Juicy, even better news for you when you relocate your properties to the Javitz Center, open them up as a dorm:
"NEW YORK - A planned New York City-New Jersey train tunnel under the Hudson River will add an average $19,000 to homes within two miles of stations and could ease financial strain on local governments, a study showed."
http://www.cnbc.com/id/38471830
So in your mind your alcove studio will now be worth $2,019,000.
Pop the champagne cork now. Actually, make it hard cider, it's rough out there.
20% ain't crashing? That's on a nominal basis w/o transaction cost for a highly leveraged highly risky asset.. flmaoz..
Sweet, that 19k in additional equity will allow me to take a HELOC and buy that Subaru I've been dreaming about
You want something safer than a Subaru for the Juicelet. Go Volvo!
"rs, aren't you aware that you are not supposed to post positive information on this site? It goes against the bears' message that real estate prices are crashing."
rs, aren't you aware that you're not supposed to post accurate information on this site? You might scare a bull.
"20% ain't crashing? That's on a nominal basis w/o transaction cost for a highly leveraged highly risky asset.. flmaoz.. "
No, not when a bull refuses to lose an argument.
Actually, the latest number is 12.3% median down from peak, and a very short-term peak at that. Sorry bears, your dreams of catastrophe just didn't happen.
12.3% after falling 21% (more than 20%, the usual definition), and the 12.3% is actually misleading, its completely affected by blend. If you look at medians by category, its still 20%+ down for the most part. In short, apartments seem to be down way more than 12.3%:
> Median per category:
> Studio - 18% off peak current (25% off peak at last trough)
> 1 bed - 20% (21%)
> 2 bed - 24% (29%)
> 3 bed - 40% (48%)
> 4 bed + - 61% (90%)
18-61% is a far cry from 12.3%
> and a very short-term peak at that
Almost all peaks are short term. Thats why they're peaks. You even seen what a mountain looks like?
;-)
here is the thread with all the data:
http://streeteasy.com/nyc/talk/discussion/21856-data-causing-the-screams-declines-by-category