NEW YORK CITY-Even with a lagging performance by the financial services sector—historically one of the city's top performers—New York fared far better than other parts of the nation in the first half of the year. So says a new report by Ken McCarthy, chief economist at Cushman & Wakefield, which does point to one soft spot in New York's economy for the first six months of the year: office.
That dip is due to the dropoff by financial services but the fact that the city as a whole continued to perform well without this sector bodes well for the future, he says. “When the financial sector gets back on track, it will augment the City's other sectors leading to stronger growth and a healthier office market.”
Top performers in the city through June included tourism and technology. Since the recovery began, employment in the tourism sector has increased by more than 20%, the report says, and the sector has accounted for nearly a quarter of all the jobs created in New York since November 2009, when employment bottomed.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
