NEW YORK CITY-The metro area economy has outpaced bothexpectations and the nation in recovering from the downturn, alevel of performance that tops the list of sixmegatrends for the city, DeltaAssociates' Alexander Paul said in apresentation at the inaugural New York City Trendlines eventTuesday, sponsored by Transwestern and Delta, itsresearch affiliate. “Our regional economy has really been acomeback story,” said Paul, EVP with Delta. Since 2000, it's beensecond only to the energy-boom city of Houston in job growth.

Along with sheer numbers—Delta is projecting average growth of90,600 new jobs per year between 2014 and 2018, faster than thepace that was set between 2004 and 2008—the mix of employmentsectors has changed. “Our economy benefits when we have additionaldiversity and are not too dependent on any one sector,” Paulsaid.

On the subject of comeback stories, Lower Manhattan's post-9/11resurgence comes in at number two on the list of megatrends. Since2000, for example, its residential population has grown 150%,compared to an increase of 4% citywide during the same time frame.Meanwhile, the rebuilding of the World Trade Center, and theproject's success in attracting major tenants from other markets,has further transformed Downtown, aqttraccting both office tenantsand retail to the neighborhood.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
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.