Mayor Bloomberg Announces New York City on Pace to Reach 4 Million Total Jobs by End of the Year - The First Time in the City's History

City Weathered and Emerged from National Recession Far Better Than the United States; Private Sector Jobs in the City Also at All-Time High

Job Growth Being Driven by Boroughs Outside of Manhattan, Percentage of Total City Jobs in Borough Outside of Manhattan at an All-Time High

Yesterday, Mayor Michael R. Bloomberg announced that New York City is on pace to reach 4 million total jobs for the first time by the end of 2013 – another strong indicator of the City’s strength in job creation in recent years. Since the end of 2001 through October 2013, private sector jobs in New York City have grown by more than 406,000, a 13 percent increase, compared to less than five percent growth in the nation. In addition, New York City weathered the most recent national recession far better than the United States, regaining 327 percent of the jobs lost from the start of the national recession while the country as a whole has only gained back 87 percent as of October of this year. During this recovery period, New York City gained nearly 320,000 private sector jobs. The Mayor made this announcement at the St. George Ferry Terminal in Staten Island, where he was joined by Borough President James P. Molinaro and local small business owner Fuad Capric.

“When it comes to job creation, New York City continues to lead the nation,” said Mayor Bloomberg. “The City is setting records across a number of economic indicators, and the growth we’re seeing is taking place in all five boroughs. The progress we’ve made in this and other areas will ensure that we are leaving a stronger economy and a better future for our City.”

“Under the Mayor’s leadership we have seen record numbers in employment,” said Deputy Mayor for Economic Development Robert K. Steel. “Thanks to his commitment to promoting economic growth and diversification in neighborhoods across the City, our economy has rebounded from the national recession better than the nation as a whole, and is well-positioned to maintain this strength for years to come.”

The City’s strong performance in job creation have been driven by growth in the boroughs outside of Manhattan, a reflection of the Bloomberg Administration’s commitment to promoting economic growth across all five boroughs. According to a recent study by the Center for an Urban Future: “Manhattan remains the epicenter of New York City’s economy, but the other four boroughs now comprise roughly 40 percent of all private sector jobs in the city, their highest total ever. In 2012, Manhattan accounted for 60.50 percent of the city’s private sector jobs, down from 65.92 percent in 1982 and 63.08 percent as recently as 2000.”

Brooklyn has gained 78,771 private sector jobs between 2002 and 2012, an increase of over 19 percent. Private employment in the Bronx has grown by nearly 13 percent during this time period, creating nearly 23,915 jobs. Queens and Staten Island have also shown strong progress during this time. Private employment in Queen increased by 46,303 - more than 10 percent – and Staten Island added more than 5,400 private jobs, an increase of nearly 7 percent. Manhattan created 156,595 private jobs between 2002 and 2012, up by nearly 9 percent.

The number of private business establishments has also increased dramatically across the City, with growth taking place in each of the boroughs. Between 2002 and 2012, 35,828 private establishments opened in New York City, which is an increase of 17 percent since 2002. The number of private business establishments in the United States only increased by 12.6 percent during this period. 12,796 establishments opened in Brooklyn alone – up by more than 32 percent – and more than 9,000 business establishments opened in Queens, which is a 24 percent increase since 2002. The number of private establishments on Staten Island grew by nearly 19 percent, the Bronx by nearly 15 percent, and Manhattan by more than 9 percent.

New York City’s job growth has been buoyed by a number of positive developments across the five boroughs over the last 12 years, including record low crime, increased quality of life, and strong growth in population. The City’s population is currently at an all-time high, and more people are moving to New York City than are leaving – the first time since before 1950. Between July of 2001 and July of 2012, New York City’s population increased by 273,560, representing an increase of 3.4 percent. All five boroughs have seen increases during this period, led in percentage growth by the Bronx – which has seen a 5 percent increase - and Staten Island and Brooklyn, which have each grown by nearly 4 percent. Queens and Manhattan have increased their populations during this time period by nearly 2 percent and nearly 4 percent respectively.

The Bloomberg Administration has long been committed to ensuring strong economic growth across the City and making sure that New York City continues to be an inviting place to work and do business. The Administration’s five-borough economic development strategy is designed to attract and retain businesses and stimulate job growth by making the City more livable, more business friendly, and more economically diverse.