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An Economic Snapshot of the Greater Downtown Brooklyn Area

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An Economic Snapshot of the Greater Downtown Brooklyn Area An Economic Snapshot of the Greater Downtown Brooklyn Area Thomas P. DiNapoli Kenneth B. Bleiwas New York State Comptroller Deputy Comptroller Report 5-2013 July 2012 The greater downtown Brooklyn area is the civic Highlights center of Brooklyn and includes the largest business district in New York City outside of • Private sector employment in the greater Manhattan. With its close proximity to Manhattan downtown Brooklyn area rose by and excellent transportation options, the area 18.3 percent between 2003 and 2010. offers a lower-cost business district that has • Health care and social assistance is the attracted large and small firms in a wide range of largest employment sector, accounting for sectors. nearly one-third of the area’s private sector jobs in 2010. Job growth in the area has been robust, outperforming the rest of Brooklyn and the rest of • The business and finance sectors together the City between 2003 and 2010. Although more accounted for 21.3 percent of the area’s recent neighborhood data are not available, it private sector jobs in 2010. appears that the greater downtown Brooklyn area • The educational services sector accounted continues to experience strong job growth. for nearly 11 percent of all private sector Together, business, finance and educational jobs, reflecting the area’s concentration of services account for one-third of the area’s jobs, colleges and universities. This sector grew by which is almost twice their share in the rest of nearly one-quarter between 2003 and 2010. Brooklyn. High-tech businesses also have taken a • Employment in the leisure and hospitality foothold in the area. Many of the jobs in these sector grew the fastest between 2003 and sectors are high-paying, which has helped boost 2010 (53.5 percent), reflecting new hotels the area’s overall average salary. and restaurants. The area is home to world-class art and cultural • The average private sector salary ($47,890 in organizations, such as the Brooklyn Academy of 2010) was nearly one-third higher than the Music (BAM). The area has a mix of old and new average in the rest of Brooklyn. architectural styles, and is also known for its • The number of businesses in the area grew parks, restaurants and retail corridors. by 12.4 percent between 2003 and 2009 Greater downtown Brooklyn is the location of (three times the rate of growth in the rest of eleven colleges, universities and trade schools. the City). The Polytechnic Institute of New York University • The area’s median household income rose by and New York University recently reached an 40 percent since 2005 to $71,790 in 2010, agreement to transform 370 Jay Street into the reflecting the large number of lawyers and Center for Urban Science and Progress to support other professionals who reside in the area. the City’s growing high-technology industry. • The Brooklyn Tech Triangle is home to more The greater downtown Brooklyn area has many than 500 firms related to the technology qualities that make it an attractive place to live and industry. work. Over the past two decades, the area has undergone a revitalization. Several economic • The Brooklyn Navy Yard, a 300-acre development initiatives that are underway or will industrial park, is home to Steiner Studios, be completed shortly, such as the Barclays Center, the largest film and television complex will create additional jobs and add to the appeal of outside of Hollywood. the greater downtown Brooklyn area. Office of the State Comptroller 1 Employment As shown in Figure 2, health care and social assistance is the largest employment sector in the In 2010 (the latest period for which ZIP code– area, accounting for nearly one-third of private level data are available), private sector employment (24,140 jobs in 2010). This sector employment in the greater downtown Brooklyn includes two hospitals as well as many doctors’ area reached 77,260 jobs.1 Employment grew offices, imaging centers and home health care steadily from 2003 through 2007, but growth firms. The sector has shown strong growth since stalled during the recession (see Figure 1). Unlike 2003, adding nearly 2,700 jobs. the rest of the City and the rest of Brooklyn, however, the greater downtown Brooklyn area did Figure 2 not lose jobs during the recession. In 2010, Private Employment by Sector employment rose by 2.4 percent, or 1,800 jobs. in Greater Downtown Brooklyn 2010 2003-2010 Number of Percent Figure 1 Sectors Jobs Difference Change Total Private Sector Employment in Health Care & Social Assistance 24,140 2,690 12.5% Greater Downtown Brooklyn Educational Services 8,380 1,570 23.0% 80 Business Services 8,360 1,780 27.1% Financial Activities 8,110 2,460 43.5% 75 Retail Trade 7,380 1,790 32.0% Leisure & Hospitality 6,200 2,160 53.5% 70 Other Personal Services 3,180 60 1.9% Manufacturing 2,370 -600 -20.3% 65 Wholesale Trade & Transportation 2,190 -290 -11.6% Thousands of Jobs of Thousands Construction 1,520 150 11.2% 60 Information 1,450 -100 -6.3% Total Private Sector 77,260 11,930 18.3% 55 Note: Total includes jobs for which industry classification was not available. 2003 2004 2005 2006 2007 2008 2009 2010 Sources: NYS Department of Labor; OSC analysis Sources: NYS Department of Labor; OSC analysis The area’s concentration of colleges and From 2003 to 2010, the number of jobs in the area universities has helped make educational services grew by 18.3 percent (nearly 12,000 jobs), which the second-largest sector, accounting for nearly was higher than the rate in the rest of Brooklyn 11 percent of all jobs (more than two-and-a-half (11.4 percent) and more than three times the rate times the share in the rest of Brooklyn). This in the rest of the City (5.4 percent). sector grew by nearly one-fourth between 2003 and 2010, including gains during the recession. Although employment data by neighborhood is not available beyond 2010, it appears that the Business services is the third-largest employment greater downtown Brooklyn area continued to sector. It accounts for nearly 8,400 jobs in the experience strong job growth into 2011. Private area, or 10.8 percent of all private sector jobs, a sector employment in Brooklyn grew by larger share than in the rest of Brooklyn 3.7 percent in 2011, exceeding the citywide rate of (7.9 percent). This sector has also grown by more growth of 2.9 percent. (The greater downtown than one-quarter since 2003, adding nearly 1,800 Brooklyn area accounted for 17 percent of all jobs. With the Brooklyn courts located in the area, private sector jobs in Brooklyn in 2010.) law offices predominate in the business services sector, although significant numbers of firms also provide architectural, graphic design, computer, and management services. The fourth-largest source of jobs is the financial activities sector, which accounts for 10.5 percent 1 The area closely corresponds to Brooklyn Community of private sector jobs in the area, or about twice District 2. It is bound by the East River to the north and the sector’s share in the rest of Brooklyn. This west, Atlantic Avenue to the south, and Classon Avenue to the east. The greater downtown Brooklyn area is defined in sector includes back-office operations of firms this report as ZIP codes 11201, 11205, and 11217 such as Goldman Sachs and Morgan Stanley, (including all secondary ZIP codes within these three which were attracted by the area’s lower costs and codes), but some data are only available for Brooklyn proximity to Lower Manhattan. Community District 2. 2 Office of the State Comptroller During the 2003 to 2008 period, the finance sector The area’s leisure and hospitality sector had 6,200 had the fastest job growth of any sector in the jobs in 2010, an increase of nearly 2,200 jobs or greater downtown Brooklyn area, expanding by 53.5 percent since 2003. Growth continued more than 80 percent. The financial crisis, throughout the recession. The area is home to however, had a significant impact on employment several new hotels, and the number of restaurants in this sector, which declined by nearly 2,300 jobs has grown significantly. from 2008 through 2010—the largest job loss for While health care accounts for a similar share of any sector during the recession. Nearly half of the employment in both the greater downtown financial jobs that had been gained between 2003 Brooklyn area and the rest of Brooklyn, the and 2008 were eliminated. downtown area has a much higher concentration Retail trade comprises nearly 10 percent of all of jobs in finance, business, and educational private employment in the area, a lower share than services. As shown in Figure 3, these three sectors in the rest of Brooklyn (13.8 percent). This sector account for 32.2 percent of private sector has grown by one-third since 2003, adding 1,790 employment in the area, almost twice the share in jobs, including modest gains throughout the the rest of the borough (17.4 percent). recession. Retail stores in the area include well- known national firms and smaller independent Wages stores. Private sector jobs in the greater downtown Brooklyn area paid $3.7 billion in wages in 2010. Because of strong job growth, especially for jobs Figure 3 in sectors that have relatively high average Distribution of Private salaries, wages grew by 48 percent between 2003 Employment in 2010 and 2010, a much higher rate of growth than for the rest of Brooklyn (29.4 percent) and the rest of Greater Downtown Brooklyn Area the City (38.2 percent).
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