April 28, 2014
New York City's economy keeps getting stronger, according to the recent improvement in many economic indicators.
Many factors bolster NYC economy
Rising home prices, a strengthening labor market and robust tourist activity have all helped bolster economic conditions in the metropolitan statistical area, according to SNL Financial. Many of the city's workers have enjoyed rising incomes, as data provided by New York State Comptroller Thomas DiNapoli revealed that the bonuses of many Wall Street workers surged 15 percent in 2013 from the previous year.
Anirban Basu, chairman and CEO of economic and policy consulting firm Sage Policy Group Inc., noted the many tailwinds helping to propel the city, the media outlet reported. He stated that the might of Wall Street is helping strengthen business conditions. Basu pointed out that not only finance, but several other industries, are fueling the city's recovery. He emphasized that construction has been picking up all across the region, and that commercial projects have been starting in many different areas, according to the news source. Finally, he emphasized the growing strength of NYC's job market.
Jobs market shows progress
Basu certainly has some strong data to lean on. Data provided by the state's Labor Department revealed that in March, the number of private-sector jobs in New York stayed at an all-time high of 7.5 million.
More specifically, New York City's labor market has improved. The area has added more than 73,000 net positions between March 2014 and the same month last year, and its unemployment rate has fallen to 8 percent from 8.8 percent.
Currently, the Big Apple's payrolls total more than 4 million, Basu told SNL Financial. In addition to the steady improvements in the labor market there, property values have moved steadily higher. Data provided by the S&P/Case-Shiller Home Price Indices showed that in January 2014, houses had surged 6.7 percent from one year before. This was the sharpest year-over-year gain since 2006.
Financial institutions that want to take advantage of the robust strength of the NYC economy might consider taking part in loan sales. One way they can get involved in this particular space is calling Garnet Capitol Advisors, which is currently marketing a $20 million luxury condo construction loan.