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Downtown Alliance Release New Report - Surging Ahead: Lower Manhattan's EconomicRevival and What It Means for New York
November 23, 2015
This report covers the major advances in Lower Manhattan’s economy expected over the next five years as a result of post-September 11 investments and the area’s status as a burgeoning center for some of New York City’s highest value, most dynamic industries. Among these advances:
- 40,000 jobs to be added by year end 2019 –The next five years are poised to bring the most significant employment surge in thirty years and 2/3 of these jobs are expected to be net new jobs for New York City;
- Lower Manhattan’s employment growth to outpace city’s growth – Lower Manhattan annual rate of growth estimated to be 2.4%, well above NYC’s expected 1.3% rate;
- Majority of new Lower Manhattan jobs will be available to those without a Bachelor’s degree – 63% of added jobs expected to be available to those with an Associate’s degree or less.
Lower Manhattan’s positive growth and development is good news for all New Yorkers because of its unparalleled transit access and a concentration of education , job training and small business resources.
Appleseed, a New York City-based economic consulting firm, provided source material for this report. Their complete analysis and report, Economic Growth and Opportunity: Building New York City’s Future in Lower Manhattan, can be found here.