X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-The local economy is rebounding faster than that of the nation as a whole, but not rapidly enough to close a budget gap that could reach $5.6 billion in fiscal 2014, New York State Comptroller Thomas DiNapoli says in a report released Wednesday. The report says the actual shortfalls for FY 2012 and beyond could be significantly larger depending on the outcome of the state budget, collective bargaining negotiations and how both state and city replace expiring federal stimulus funds.

Private-sector employment in New York City grew 2.5% between December 2009 and October of this year, more than double the national rate. The city has now regained almost half of the private sector jobs lost during the recession, although the unemployment rate remains high. Eighty-eight percent of new jobs added in New York State during this 10-month period are based in the city, many related to retail, health care and restaurants.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.