"New York City is on pace for another record year in jobcreation," says Giuliani. "With the creation of an additional 7,400jobs last month, this is more great news for our city's economy andfurther proof that New York City's economic renaissance continuesto surge."

In October 2000 there were 89,200 more private sector jobs thanin October 1999. The city had lost 380,000 jobs in the recession ofthe early part of the last decade, but has created almost 440,000since 1994. This 60,000 job gain in the last six years has been themajor contributing factor in the space crunch, according to Cushman& Wakefield's own report. The question then is whether or notthe growth rate can at least hold steady, if not maintain its climbin what has been described repeatedly by many analysts as a slowingeconomy.

The mayor points to the fall of the city's unemployment ratefrom 5.6% in September to 5.4% last month. This is the lowestunemployment rate in the city in more than a decade. The city'sunemployment rate in December 1993 was 10.2%.