Stringer: NYC economy outpaces country in first quarter

nyc economy scott stringer
Comptroller Scott Stringer’s office said on Wednesday that the city’s overall economy grew 3 percent — indicated through among a number of indicators Wall Street’s success in the first three months of the year. The NYC economy even outpaced the country’s 0.1 percent growth.
Credit: Cem Ozdel/Anadolu Agency/Getty Images

Even the 54 inches of snow that hit New York City couldn’t slow its economy down, according to a new report.

Comptroller Scott Stringer’s office said on Wednesday that the city’s overall economy grew 3 percent in the first three months of the year, outpacing the country’s 0.1 percent growth.

More jobs and higher personal income tax withholding both contributed to the slight boom. The city added 18,800 payroll jobs since January, while the private sector accounted for 21,000 jobs.

The majority of the new hires were in the city’s education and health services sector.

The comptroller’s office also said the unemployment rate continued to fall, down to 7.9 in the first quarter from 8.2 percent last fall.

Overall, however, the city unemployment rate still exceeds the national rate: unemployment nationwide dropped to 6.7 between January and March. The Bronx tops the five boroughs for residents looking for work — 11.6 percent — with Brooklyn following at 8.8 percent.

Some of the city’s highest paying gigs also saw some returns. Wall Street experienced its own boon in the first three months of the year with a 16.3 percent increase in estimated tax payments, which indicate both more jobs opened and bonuses doled out.

The city’ tourism industry also seemed to be doing well. Numbers showed that more people are spending money on Broadway ticket sales, increasing attendance to 11.3 percent from this time last year. Ticket sales went up 15.1 percent, bringing in some $377 million.

At the same time, hotel occupancy decreased from 2013, down to 79.9 percent from 81.8 percent.

Still, Stringer sees reason celebrated the overall economic snapshot.

“New York City was firing on all cylinders in the first quarter of 2014 even as the national economy stalled,” Stringer said in a statement. “The economy is picking up in the Big Apple as unemployment falls and real estate heats up, which helps boost our tax revenue. Time will tell if this momentum will be carried through the rest of 2014.”

Follow Chester Jesus Soria on Twitter @chestersoria


Bloomberg: Going green will grant you longer life…

Former NYC mayor Michael Bloomberg tells Metro that cities are where fighting global warming can make a difference, and increase people’s lifespan.


Ban Ki Moon: "Climate change is an issue…

My message to you is: make your voice heard and your actions count. Change is in the air. Solutions exist. The race is on. It’s time to lead.


Earth Day New York food toolkits to help…

Hundreds of classrooms across New York City already have indoor container gardens that allow students to grow food right where they learn. But Earth Day…


NYPD announces street closures for United Nations General…

The United Nations representatives are in town, and multiple city streets will be closed to traffic through Saturday, Sept. 26. The NYPD is urging those…


Photos: See who Robert Pattinson was caught holding…

Robert Pattinson has a new girlfriend.

The Word

The Word: Kris and Bruce Jenner's predictably public…

They said it wouldn't last — mostly because of that separation almost a year ago. And now, more than a year later, Kris and Bruce…


Antoine Fuqua knows how to kill a man…

It's amazing what you can get done with the right tools. In designing the climactic battle in "the Equalizer," in which Denzel Washington's retired special…


10 Facts you won’t learn about Frankie Grande…

Frankie Grande is the worst and/or the best. Whether or not you're a fan, you'll want to know these facts about the polarizing player from "Big Brother 16."


3 things that went wrong in Jets loss…

The Jets have very little room for error with a far-from-explosive offense.


Eli Manning finally feeling good in West Coast…

The Giants have very little time before their next game, but they still took a moment to relish the team’s biggest offensive outburst since Week 1 of 2013.


College football top 25 poll: Oregon, Alabama close…

College football top 25 poll: Oregon, Alabama close in on FSU


Jay Cutler takes Marc Trestman's coaching to heart

While Jay Cutler turned to an autobiography on the man who would be his head coach, Trestman had personal experience with the player.


First look: Uniqlo's fall/winter 2014 kids collection

Get a sneak peek at Uniqlo's kids and babies fall/winter 2014 line.


Rebecca Minkoff launches maternity line

Hot mama. Rebecca Minkoff brings her signature downtown designs to A Pea in the Pod.


Exercising leads to more drinking — and we…

  We’re rewarding ourselves with more than dessert on days we exercise, according to a new study. On days when people exercise more, typically Thursday…


5 gadgets to protect you from sharks, concussions,…

The medical industry is inundated with devices looking after all aspects of your wellbeing, from monitoring your sleep patterns to warding off shark attacks. We…