"The MTA's ridership is inextricably linked to the economy ofNew York City--especially ridership to the central businessdistrict, where the majority of jobs are located," according toDiNapoli's report. "New York City lost 110,000 jobs (2.9%) betweenOctober 2008 and October 2009, which has caused a sharp drop inutilization of the MTA's transit facilities (e.g., subways, buses,and bridges and tunnels)."

Through October of '09, MTA utilization was lower in every monthcompared with the same month in 2008, the report stated. "Peopledon't commute when they're unemployed," says DiNapoli in astatement.

Subway ridership, which grew 17.5% between 2000 and 2008,slipped 3.2% during the first 10 months of last year, for a loss of44 million riders citywide. Weekday riders on Manhattan declinedfurther, dropping 3.9% compared to a year earlier, with Midtown hiteven harder with a drop of 6.2%. The report noted that the declinetapered off this past October, "an encouraging development."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.