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[Getting Graphic] New York Workers Are Flush

Getting Graphic is a semi-sort-of-irregular collection of our favorite BIG real estate-related chart(s).

Click here for full graphic [NYT] [1]

Source: NYT



According to a report by the Federal Reserve Bank of New York called Taking the Pulse of the New York City Economy [2] covered in the article Report Shows Quick Growth in New York Since 9/11 [NYT] [3], New York City’s economy bounced back after Sept. 11 with surprising speed and is much healthier now than its slow-growing job market indicates.

The economy bounced back quickly, much faster than the stock market bubble just prior to 9/11. Although the economy has 100,000 few jobs than it did before 9/11, it would have anyway. Actually, unemployment in NYC is at 5%, which is the lowest level in 18 years. In addition, the average NYC worker makes 63% more than the average US worker, as compared to 20% in 1980.

While many economists and analysts assume job growth has all been at the highend, much of the gains had come in the middle of the job spectrum, especially among the self-employed and small businesses.

This sort of correlates with the fact that the housing boom in New York impacted all price demographics in New York.