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Wall Street History

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10/08/2010

State of the Economy / New York

A few tidbits from Crain’s New York Business and their annual survey of City facts, which, after all, are largely about Wall Street in one shape or another.

To wit:

--From the time the recession hit the city in August 2008 until hiring resumed in December 2009, the city lost 184,500 jobs, a 4.8% decrease. It fared better than the U.S. as a whole, which lost 8.4 million jobs, a decrease of 7.3%.

--Private-sector earnings declined by 10.1% between 2008 and 2009, the largest year-over-year decrease since at least 1991. [Real wages declined 18.5% in the financial services industry, including insurance]

--New York City’s tax revenues declined $2.7 billion between 2008 and 2009, a decrease of 7%.

--Total visitors to New York declined from 47.1 million in 2008 to 45.3 million in ’09.

--Broadway contributed $9.8 billion to the city during the 2008-09 season, though attendance has been falling slightly since the peak in 2007-08. That said, the average paid admission has gone from $71.79 in 2005-06 to $85.82 in ’09-’10.

--After bottoming at 5.4% in 2007, the Manhattan primary office space vacancy rate is expected to remain above 10% for years to come.

--Racial and ethnic composition

White, non-Hispanic

1970…6,048,000
2010…3,000,000

Hispanic

1990…1,783,000 [N/A for 1970/80]
2010…2,300,000

Black/African-American

1970…1,668,000
2010…2,000,000

Asian

1980…245,000 [N/A 1970]
2010…1,000,000

*200,000 “others”

Total population for New York City is 8.5 million, up every year since 2005.

--Percentage of unionized workers in New York State is consistently around 25% of all workers, vs. about 12.5% for all of the U.S.

--Trade

China sends by far the most general cargo in and out of New York/New Jersey ports. In 2009, $24.3 billion in combined imports and exports were delivered through the region.

U.S. Imports

China $21.3 billion
Germany $7.7
Japan $6.9
Italy $5.3
India $4.4

U.S. Exports

China $3.0 billion
United Kingdom $2.7
Germany $2.3
Netherlands $2.0
India $1.4

--Three area airports [ JFK, Newark Liberty, La Guardia]

Ranked by total passenger arrivals and departures

1. Continental/United 28,218,932
2. Delta 19.563,797
3. JetBlue 13,530,237
4. American 12,990,722

--In 2000, there were 369,900 jobs in the financial sector, broadly defined. By 2009, that figure was 316,400.

--According to Forbes, following is the estimated value of local area sports teams.

Yankees $1.6 billion
Giants $1.183
Jets $1.17
Mets $858 million
Knicks $586
Rangers $416
Nets $269
Devils $223
Islanders $149

---

Wall Street History will return in about three weeks. Due to some extensive travel coming up, I'm not sure when I’ll be able to do the next one.

Brian Trumbore



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-10/08/2010-      
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Wall Street History

10/08/2010

State of the Economy / New York

A few tidbits from Crain’s New York Business and their annual survey of City facts, which, after all, are largely about Wall Street in one shape or another.

To wit:

--From the time the recession hit the city in August 2008 until hiring resumed in December 2009, the city lost 184,500 jobs, a 4.8% decrease. It fared better than the U.S. as a whole, which lost 8.4 million jobs, a decrease of 7.3%.

--Private-sector earnings declined by 10.1% between 2008 and 2009, the largest year-over-year decrease since at least 1991. [Real wages declined 18.5% in the financial services industry, including insurance]

--New York City’s tax revenues declined $2.7 billion between 2008 and 2009, a decrease of 7%.

--Total visitors to New York declined from 47.1 million in 2008 to 45.3 million in ’09.

--Broadway contributed $9.8 billion to the city during the 2008-09 season, though attendance has been falling slightly since the peak in 2007-08. That said, the average paid admission has gone from $71.79 in 2005-06 to $85.82 in ’09-’10.

--After bottoming at 5.4% in 2007, the Manhattan primary office space vacancy rate is expected to remain above 10% for years to come.

--Racial and ethnic composition

White, non-Hispanic

1970…6,048,000
2010…3,000,000

Hispanic

1990…1,783,000 [N/A for 1970/80]
2010…2,300,000

Black/African-American

1970…1,668,000
2010…2,000,000

Asian

1980…245,000 [N/A 1970]
2010…1,000,000

*200,000 “others”

Total population for New York City is 8.5 million, up every year since 2005.

--Percentage of unionized workers in New York State is consistently around 25% of all workers, vs. about 12.5% for all of the U.S.

--Trade

China sends by far the most general cargo in and out of New York/New Jersey ports. In 2009, $24.3 billion in combined imports and exports were delivered through the region.

U.S. Imports

China $21.3 billion
Germany $7.7
Japan $6.9
Italy $5.3
India $4.4

U.S. Exports

China $3.0 billion
United Kingdom $2.7
Germany $2.3
Netherlands $2.0
India $1.4

--Three area airports [ JFK, Newark Liberty, La Guardia]

Ranked by total passenger arrivals and departures

1. Continental/United 28,218,932
2. Delta 19.563,797
3. JetBlue 13,530,237
4. American 12,990,722

--In 2000, there were 369,900 jobs in the financial sector, broadly defined. By 2009, that figure was 316,400.

--According to Forbes, following is the estimated value of local area sports teams.

Yankees $1.6 billion
Giants $1.183
Jets $1.17
Mets $858 million
Knicks $586
Rangers $416
Nets $269
Devils $223
Islanders $149

---

Wall Street History will return in about three weeks. Due to some extensive travel coming up, I'm not sure when I’ll be able to do the next one.

Brian Trumbore