DiNapoli: Brooklyn is king of NYC economic growth, though challenges remain
Brooklyn has achieved extraordinary economic growth, including the first increase in the manufacturing sector in several decades, but challenges remain, New York State Comptroller Thomas DiNapoli reported to an audience in Williamsburg today.
“Business in Brooklyn is booming and people want to live there because of the borough’s economic opportunities, its diversity and its outstanding schools, museums and nightlife,” DiNapoli said. “While Brooklyn faces challenges such as unemployment and the high cost of housing, the borough’s overall economy is flourishing and is poised to keep growing.”
Appearing at the Brooklyn Brewery, the Comptroller offered his findings from an economic snapshot of the borough. The results showed significant economic achievements that outshines much of the rest of the city. Since 2003, the report states, the number of businesses in Brooklyn has grown by 21 percent, a much faster rate of growth than the other boroughs. Job growth has also been strong (19.8 percent), nearly twice as fast as in the rest of New York City.