Latest Employment Figures Make A Strong Case For New York City Receiving Special Aid From Albany And Washington
By Jonathan Bowles
"The Center for an Urban Future today argued that the latest federal
employment figures make a strong case for New York City deserving
special financial support from Albany and Washington. The Center, a
non-partisan Manhattan-based policy research institute, pointed out
that while many local governments across the state and throughout
the country are also struggling with budget problems, the city's
economic and fiscal problems are of a much greater magnitude—-
largely because of the September 11 terrorist attacks. So far,
according to the Center, proposed state and federal budgets have not
taken this into account.
The Center said the latest employment figures released by the U.S.
Bureau of Labor Statistics (for the period ending in December 2002)
show that New York City has taken a much greater economic hit than
every other part of the state and almost every other part of the
country. For example:
New York City accounted for 43,400 of the 44,800 jobs lost in the
state between December 2001 and December 2002—96.8 percent of the
total employment decline.
New York City accounted for 175,700 of the 197,100 jobs lost in the
state over the past two years (from December 2000 to December 2002)—-
accounting for 89.2 percent of the state's total employment decline
over the past two years.
The percentage declines far exceed the city's share of total state
employment. In fact, only 42 percent of all jobs in the state are
located in the five boroughs.
The city accounted for an incredible 17.6 percent of the 246,000
jobs lost nationwide over the past year (December 2001 to December
2002). The city only makes up 2.8 percent of all jobs in the U.S.
The city accounted for 10.6 percent of the 1,652,000 jobs lost in
the U.S. over the past two years.
The city also accounted for 96.2 percent of all jobs lost in the New
York metropolitan region over the past year and 98.5 percent of all
jobs lost in the region over the past two years.
"State and federal officials need to come to grips with reality and
finally acknowledge that New York City's current economic and fiscal
woes far exceed what other localities are facing," said Jonathan
Bowles, research director of the Center for an Urban Future. "So
far, the budget proposals unveiled by the governor and the president
treat the city as if 9/11 had no impact on the city's economy or
fiscal situation. The truth is, the city is in a dire situation and
deserves help now."