(Photo by Tyler Woods)
New York City’s private sector added 2,000 jobs in December, according to a new report from the New York City Economic Development Corporation.
The city’s unemployment rate now stands at 4.3 percent, the organization reports, which is slightly higher than the national unemployment rate, which is 4.1 percent, and lower than New York state’s rate, which is 4.7 percent. In December 2016, the city’s unemployment rate was higher, at 4.9 percent.
Workers’ average hourly wage grew a healthy 3 percent from December of 2016, to $35.55.
#NYCEDC Economic Snapshot- Volume 1, 2018:
✅Unemployment fell for the third straight month
✅The Manhattan office market ended 2017 on a high
✅Venture capital investment closed 2017 with a near-record-breaking quarter
— NYCEDC (@NYCEDC) January 31, 2018
The growing economic numbers could be in part due to a robust fourth quarter of venture capital investing. According to the NYCEDC’s report, Q4 2017 saw $3.3 billion dollars change hands in 260 venture deals. The $3.3 billion is the second highest quarter of venture investment since 2000, topped only by the third quarter of 2017, which saw $5.2 billion invested.
Despite falling unemployment and rising wages, residential rental prices grew just 0.1 percent from December of 2016.
New residential construction slowed seriously. In Brooklyn, it’s down 44 percent from its December 2016 level.
If it’s cheaper to rent an apartment this year, it’s more expensive to rent an office. Commercial real estate rents were up 6.5 percent in the fourth quarter, as compared to the fourth quarter of 2016.-30-
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