NYC economy continues to grow, according to Comptroller’s report
New York City’s economy continued its solid growth in 2014, outpacing the nation on many fronts despite a slowdown in the fourth quarter, according to the New York City Quarterly Economic Update released this month by New York City Comptroller Scott M. Stringer.
“While our economy lost momentum late in the year, most indicators are trending in the right direction for New York City,” Stringer said. “Job growth has been robust, unemployment is down and personal income tax revenues are at the highest level on record.”
The year 2014 was one of the best job-producing years for New York City on record, with 88,900 (2.6 percent) private-sector jobs added, although in the fourth quarter, those jobs dropped slightly on a seasonally adjusted basis. Real Gross City Product (GCP), a measure of the city’s total economic output, grew at an estimated 2.8 percent annual rate in 4Q14, a healthy but still weaker pace than the 4.2 percent registered in the previous quarter.