|
Gotham's
Economy...and other stuff
Brian
Trumbore
President/Editor, StocksandNews.com
The July 5, 2004 edition of Crain's
New York Business has hundreds of statistics on the
New York marketplace, so, since Wall Street is a major
component of the overall economy here I thought a
few of the following tidbits were both interesting
and pertinent as the region continues its comeback
from 9/11, along with dealing with what I personally
believe is a real estate bubble.
[Unless
otherwise noted, the data points represent the latest
available for that category and 'New York City' (NYC)
denotes all five boroughs.]
--Manhattan:
personal income was down 5.5% for the period 2000-2002.
--New
York City: Estimated average annual salaries?
2003?$59,906
2004?$63,110 (proj.)?+5.3%
--Employment
Job
categories posting the biggest net gains in NYC, 1993-2003
Retail
trade?+34,400
Employment services?+27,200
Colleges and universities?+25,900
Job
categories posting the biggest net drops in NYC, 1993-2003
Apparel
manufacturing?-48,400
Government?-30,900
Nondepository credit intermediation?-19,400
September
11 Impact
Job
changes in NYC since Aug. 31, 2001 thru March 30,
2004
Total?-164,000
['Educational and health services' is the only sector
registering significant gains over this period.]
Jobs
of the Future, projections for New York state, 2000-2010
Network
and computer systems administrators?+56.8%
Database administrators?+54.6%
Personal and home care aides?+54.3%
--Selected
average wages in NYC, 2002
Total?$59,461
Manufacturing?$40,392
Retail trade?$29,402 [furniture, electronics / appliance,
clothing stores]
Information?$78,302 [publishing, broadcasting, movies,
Internet]
Finance and insurance?$165,806
Real estate?$46,763
Government?$47,581
--NYC
personal income tax collections, in millions of dollars
2001?$5,331
2002?$4,019
2003?$3,923
2004?$5,240 (proj.)
--Tax
Burdens by State
New
York is #1 at 12.9%, taking into account all state
and local taxes as a percentage of income. Maine is
#2, 12.3%.
--The
Melting Pot
Race
or ethnicity of New York City residents in 2002
White?34.1%
Hispanic / Latino?28.3%
Black / African-American?24.6%
Asian?11.2%
--Welcome
to America
U.S.
cities with the largest estimated proportions of foreign-born
residents in 2002
Miami?60.6%
Santa Ana?48.4%
Los Angeles?41.3%
Anaheim?40.3%
San Francisco?36.7%
San Jose?36.5%
New York City?36.0%
--New
York City's Political Landscape
[Estimates]
Registered
Republicans?1999: 560,000? 2003: 520,000
Registered Democrats?...1999: 2,800,000?2003: 2,700,000
--Health
Insurance Premiums
Family
coverage
New
York state - 2001: $662...2003: $801
United States - 2001: $588...2003: $756
--Average
Hospital Stay (lots of complaints on this issue)
In
largest U.S. cities in 2002, in days, percent change
since 1990
New
York City?-28.9%
Los Angeles?-1.8%
Philadelphia?-28.6%
Houston?-14.6%
U.S. average?-20.8%
--Leading
Causes of Mortality
Number
of deaths in New York City in 2002
Heart
disease?41.1% of deaths
Cancer?23.0%
Influenza and pneumonia?4.2%
Cerebrovascular disease?3.1%
HIV?2.9%
Diabetes mellitus?2.9%
[HIV
peaked in 1994 at 7,102 deaths; in 2002 the figure
was 1,712.]
--Leading
Trade Partners
Containerized
imports through NY/NJ ports, 2002-2003
China?+17.6%
[China is also far and away #1 in total tonnage]
India?+13.1%
Brazil?+12.0%
Netherlands?-10.6%
[Biggest drop among top ten in tonnage.]
Containerized
exports through NY/NJ ports, 2002-2003
China?+40.9%
Japan?+21.8%
India?-15.8%
South Korea?-26.4%
*The
leading containerized import sector through NY/NJ
ports in 2003 in terms of metric tons is beverages.
Plastic is #2, furniture and bedding #3.
**The
leading containerized export sector is wood pulp,
#2 plastic, #3 machinery.
--Getting
Sued
NYC
paid out $585 million in settlements and judgments
in 2003.
States
with the highest percentage of personal injury awards
of $1 million or more, 1996-2002
New
York?27%
Louisiana?22%
New Jersey?22%
Massachusetts?21%
Pennsylvania?20%
U.S. average?12%
--Projected
office vacancy rate in Manhattan for 2004?12.5%
--Tourism
/ Entertainment
Visitors
to NYC in 2004 are estimated to be 38.7 million.
Visitor
spending in 2004 is projected to be $15.1 billion.
This is an increase from 2002's bottom of $14 billion,
but still a significant decline from 2000's $17 billion.
And
by the way, for the period 2001-2002, here are a few
selected countries?
Germany?-11.1%
in visitors to NYC
France?-29.5%
Italy?-13.0%
United Kingdom?-2.1%
But?
Mexico?+12.4%
Australia?+41.1%!!
--And
finally, I save the best for last?
Manhattan
Apartment Prices
Upper
West Side (57th St. to 116th St., Central Park West
to Hudson River)
Average?1999:
$496,269?2003: $810,718
Studio?1999: $135,015?2003: $240,035
Two-bedroom?1999: $621,042?2003: $888,483
Upper
East Side (59th St. to 96th St., East River to Fifth
Avenue)
Average?1999:
$692,229?2003: $1,015,778
Studio?1999: $117,727?2003: $235,088
Two-bedroom?1999: $678,080?2003: $957,794
Notes:
I imagine a lot of you have never seen a Manhattan
'studio' apartment. Trust me, you wouldn't believe
how small it is. The average four-bedroom and up on
the Upper West Side is now in excess of $5.3 million;
on the Upper East Side, $5.4 million.
Sources:
New York City Office of Management and Budget, U.S.
Bureau of Labor Statistics, New York State Department
of Labor, Tax Foundation, The New York Stat (a publication
of Jones Lang LaSalle), U.S. Census Bureau, New York
State Board of Elections, Commonwealth Fund / Health
Research and Educational Trust, Greater New York Hospital
Association, Port Authority of NY & NJ, NYC Bureau
of Vital Statistics, NYC Comptroller, Jury Verdict
Research Series, NYC & Company, Douglas Elliman Manhattan
Market Report prepared by Miller Samuel Inc.
---
Brian
Trumbore
|
