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Brooklyn Holds Up Better Than City Overall

NEW YORK CITY-Growth in several employment sectors is helping the borough weather the recession, and it's also getting more than $1 billion in stimulus funds

By Paul Bubny | Updated on September 27, 2009

NEW YORK CITY-The current recession, which has brought the city’s jobless rate up to 10.3%, its highest level in 16 years, hasn’t hit Brooklyn quite as hard, according to a report from the borough’s chamber of commerce. Federal stimulus dollars have been a key factor, and Brooklyn has experienced job growth in some sectors in spite of losses citywide.

Nonetheless, Brooklyn residents are feeling the squeeze, as many commute across the East River to jobs in the Financial District–or used to commute there before being downsized. The borough’s personal income is projected to decline 2.9% to $81 billion this year, marking the first such decline in at last 40 years.

Employment in the borough is expected to decrease by 25,000 this year overall, compared to a decline of 8,500 for Brooklyn-based jobs. That compares to a projection of 115,000 job losses citywide, according to the Brooklyn Chamber of Commerce’s “2009 Brooklyn Labor Market Review” released Thursday.

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