An Economic Snapshot of Queens
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An Economic Snapshot of Queens Thomas P. DiNapoli Kenneth B. Bleiwas New York State Comptroller Deputy Comptroller Report 9-2014 December 2013 Highlights Queens has the largest and most diverse employment base among the four New York City • The population of Queens grew by boroughs outside of Manhattan. The residents and 20 percent over the past three decades businesses in Queens are strong and resilient, (faster than the citywide growth rate), having been recently tested by the Great Recession reaching 2.3 million in 2012. and Superstorm Sandy. • Immigrants account for 48 percent of the Queens was hit hard by the recession, and borough’s residents (the second-highest emerged from it a year later than the rest of the share among large counties in the nation). City. Nevertheless, Queens rebounded quickly, • Private sector employment reached 486,160 with stronger job growth than the other boroughs jobs in 2012, the highest level on record for over the past two years, and employment has the borough. reached a record level. During 2012, job growth • Over the past two years, Queens had a accelerated in Queens, despite the impact of stronger rate of job growth than the City's Superstorm Sandy. other boroughs. The Queens economy benefits from the borough’s • Queens gained more than 30,000 jobs during close proximity to Manhattan and an extensive the recovery, two-and-a-half times the transportation system. Two of the region’s three number of jobs lost during the recession. major airports, which provide gateways to the • Queens had the second-highest median world, are located within the borough. household income ($55,570) among the five Queens is the most diverse large county in the boroughs in 2011. nation. Immigrants from other countries account • The number of business establishments in for nearly half the population, and no single ethnic the borough reached 44,070 in 2011, an group or nationality dominates the borough’s increase of 12 percent since 2003. composition. Instead, the neighborhoods of Queens form a mosaic of cultures, reflecting the • Total private sector wages in Queens many immigrants that have come here from across reached $21.6 billion in 2012 (the highest the world, along with the heritage of their level on record), 30 percent higher than in predecessors. 2003. Salaries averaged $44,350, second only to Manhattan. The borough offers a rich variety of recreational • The unemployment rate in Queens has been and cultural opportunities, including parks, consistently lower than the citywide average libraries, museums, restaurants, sports complexes over the past two decades. and a vibrant performing arts scene. • The two major airports in the borough With its strong economy, rising population, accounted for $42.4 billion in regional comprehensive transportation system and many economic activity in 2012. amenities, Queens is well-positioned for future • The number of serious crimes in Queens growth. Several large public and private economic dropped by 80 percent from 1990 to 2012, development projects are in progress or have been mirroring the trend in the rest of the City. planned for the coming years, and these will further enhance the borough’s economy. Office of the State Comptroller 1 Population The U.S. Census Bureau defines 55 geographic After growing rapidly for many decades, the areas in New York City, and names them by one population of Queens declined during the 1970s or more of the neighborhoods associated with each 1 (along with the population of New York City as a area. Of these Census-defined neighborhoods, the whole) as a result of the City’s fiscal crisis, a rise three with the highest share of immigrants as of in crime, a deterioration of public schools and 2011 were all located in Queens: Elmhurst/Corona other factors. Between 1980 and 2012, however, (70 percent), Jackson Heights (63 percent), and Queens added more than 381,000 residents (see Sunnyside/Woodside (60 percent). Three other Figure 1), a gain of 20 percent, which was faster Census-defined neighborhoods in Queens than the citywide growth rate (17 percent). Most (Flushing/Whitestone, Forest Hills/Rego Park, and of the growth occurred during the 1990s because Kew Gardens/Woodhaven) were also among the of particularly strong immigration. top ten areas with the highest share of immigrants. By 2012, the Queens population reached Employment 2.3 million (accounting for 27 percent of the In 2012 (the most recent year for which data are City’s total population), making it the fourth most available), private sector employment in Queens densely populated county in the nation (after New reached 486,160 jobs, the highest level on record York, Kings, and Bronx counties). for the borough. Among the City’s five boroughs, Figure 1 Queens had the highest level of employment Population outside of Manhattan and accounted for 2.5 15.1 percent of all private sector jobs in the City 2.0 (slightly more than Brooklyn). From 2003 (which marks the end of the recession of the early 2000s) 1.5 through 2012, Queens added 48,650 private sector jobs, an increase of 11 percent (see Figure 2). 1.0 Millions of of Millions People Figure 2 0.5 Private Sector Employment 500 0.0 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2012 Source: U.S. Census Bureau 480 Significant population growth in the 1990s has 460 contributed to school overcrowding in Queens. 440 While the City has made concerted efforts to build Thousands of Thousands Jobs 420 more schools and add capacity, more than half of all public schools in Queens are operating above 400 380 capacity, a higher share than in any other borough. 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Among the 20 most populated counties in the nation, Queens is the most diverse. Compared to Source: NYS Department of Labor other large counties, residents of Queens are The recession hit Queens hard (its rate of job distributed more equally among the major racial losses was second only to that of Manhattan) and and ethnic categories (i.e., Asian, Black or the borough emerged from the economic downturn African-American, Hispanic and White) and have a year later than the rest of the City. Nevertheless, a broader distribution of national ancestries. Queens has made a strong recovery. The size and varied nationalities of the immigrant Over the past two years, employment in the population contribute to the borough’s diversity. Queens private sector grew by 6.6 percent, a faster In 2011, more than 48 percent of the population in rate than in any other borough during this period, Queens was foreign-born (the second-highest and the rate of job growth accelerated in 2012. share among the nation’s 20 most populated counties). Immigrants in Queens come from more than 120 different countries, and, unlike most 1 The boundaries of these areas do not precisely other large counties in the nation, no single correspond to their neighborhood names. country of origin is predominant. 2 Office of the State Comptroller Since 2010, Queens has added 30,100 private recession more than overcame small job losses in sector jobs, more than two-and-a-half times the the first year). During the recovery, the sector number of jobs lost during the recession (11,740). added more than 3,000 jobs. Figure 3 shows how each sector performed during Similarly, the professional and business services the recession compared to the recovery.2 sector, which accounts for about one in ten jobs in Figure 3 Queens, also showed net job growth during the Jobs Gained and Lost recession (with a gain of 2,000 jobs) and added 2008-2012 another 5,400 jobs during the past two years. Professional & Business Services Accommodation & Food Services The accommodation and food services sector Retail Trade All Other gained 2,000 jobs during the recession (with job Educational Services Arts, Entertainment & Recreation gains in both years), and the sector showed even Information Wholesale Trade stronger growth (4,900 jobs) during the recovery. Transportation & Warehousing Financial Services Manufacturing and construction suffered large job Health Care & Social Assistance Manufacturing Recovery 2010-2012 losses during the recession, with a combined loss Construction Recession 2008-2010 -6,000 -5,000 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 of more than 10,000 jobs. The construction industry has begun to add jobs, and manufacturing Number of Jobs Sources: NYS Department of Labor; OSC analysis showed a slight improvement in 2012, though not The health care and social assistance sector is the enough to overcome losses in 2011. largest employment sector in Queens (108,000 The financial services sector in Queens also had jobs), and accounted for one in every five jobs in large job losses during the recession. While this 2012. The sector also registered the most sector has added 980 jobs during the past two employment gains (almost 6,000 jobs) during the years, the industry has recovered less than half of past two years. Hospital employment rebounded in the jobs lost during the recession. 2012, regaining nearly half of the jobs lost during the recession (when several hospitals closed), and Outside of Manhattan, Queens has the most employment in physicians’ offices continued to diverse employment base in the City. Though the expand, along with home health care services. health care and social assistance sector is the largest sector in Queens (as in the other boroughs), The transportation and warehousing sector is the many other major sectors account for a significant second-largest employment sector in Queens, with share of private employment (see Figure 4).