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C&W: NY Tops Rest of Nation

NEW YORK CITY—A new report points up the city's stellar performance in the first half of the year, even with a couple of lagging sectors.

By Rayna Katz | Updated on August 15, 2013

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.”

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