
By Kenneth Acks
Damage Valuation Associates has produced a 135 page report on the New York City Economy
and Real Estate Market featuring 10 colored charts and 35 tables. It is probably the most
comprehensive source of historical statistics available.
The Table of Contents and Selected Highlights are presented below
I. INTRODUCTION
II. POPULATION
HOUSEHOLD SIZE
AGE
III. PHYSICAL INFRASTRUCTURE
TRANSPORTATION
Roads
Subways
Commuter and Intercity Lines
Buses
Airports
Waterborne Shipping
UTILITIES
IV. THE ECONOMY
EMPLOYMENT
Employment Distribution and Changes Through Time
Unemployment
Review of Major Employers and Key Industries
Introduction
Financial Services
Entertainment/Multimedia
Apparel
Nonprofit Sector
Tourism
Business Services
Other
ECONOMIC FORECASTS THE REGIONAL ECONOMY
INCOME
SALES
PRICES
V. GOVERNMENT
HISTORY
RECENT DEFICITS
1994/1995
1995/1996
1996/1997
Future Deficits
EXPENSES
REVENUES
SERVICES
COMPARISONS WITH OTHER JURISDICTIONS
VI. THE REAL ESTATE MARKET
THE OFFICE MARKET
Manhattan
General Information
Absorption/Leasing Activity
Vacancy Rates
Rents
Sales Activity
Downtown Brooklyn
Queens
Outlook
RETAIL
HOUSING
Construction
Vacancy Rates
Rents
Costs
Sale Prices
Condition of the Housing Stock
Regulatory Environment
Rent Control
Rent Stabilization
Major Capital Improvements "MCI" Program
THE INDUSTRIAL REAL ESTATE MARKET
Queens
Brooklyn
PRIMARY AND SECONDARY SCHOOLS
HIGHER EDUCATION
THE WORKFORCE
LIBRARIES
You can get the report by mailing a check for $49.95 to:
Damage Valuation Associates
22 East Olive Street
Long Beach, New York 11561
Please make all checks payable to Damage Valuation Associates and allow three weeks for
delivery.
HIGHLIGHTS
New York City has long been the most populous city in the United States. According to
the 1990 U.S. Census, the population of stood at 7,322,564, up 3.5% from 1980. In the
1980s, all of New York City's boroughs gained population. The population recovered, after
falling 10.4% in the 1970s. Population has stagnated in the 1990s, rising a mere 0.2% to
7,333,253 in 1994. Moderate gains in population growth within the City are forecast for
the remainder of the decade.
Since World War II population growth in outlying suburban and rural areas has been
relatively rapid, while cities and some inner-ring suburbs have seen their populations
decline or stagnate. The cities have suffered economic and social distress as jobs were
lost in old outdated factories; businesses sought lower wage, real estate, and tax costs;
crime soared; racial tensions mounted; and aging housing stocks deteriorated. Hundreds of
thousands of middle class residents fled to the suburbs or to other western and southerly
destinations. Outlying areas have benefitted from the availability of abundant, relatively
cheap vacant land, from improved accessibility, and from the relocation of businesses.
This pattern has been observed throughout the country.
The above population figures probably understate actual population due to Census
undercounts of illegal immigrants and others. A study by a New York University economist,
supported by evidence from the Regional Planning Association, and the New York City
Department of City Planning, estimated that the Census Bureau's 1988 estimate of the
city's population at 7,350,000 fell short of the actual number by 700,000. The revised
estimates were based upon birth and death rates, car registrations, and school enrollment
figures.
The population has risen or remained stable in recent years due largely to a surge in
immigration from foreign countries, particularly from Asia, Central America, and the
Caribbean. According to the Regional Planning Association 657,000 foreign immigrants
settled in New York City between 1979 and 1986. Census data released in March, 1996
indicate that there was a net growth of 460,000 people from other countries between 1990
and 1995, even though the overall population of the city fell by approximately 10,000.
According to the Housing and Vacancy Survey, 42.5% of all heads of household were born
outside of the U.S.A. in 1993, up from 40.7% in 1991 and 36.8% in 1987. Currently 35% of
New York City's population is foreign born.
Economic growth in the 1980's, fueled by the strength of the financial services, real
estate, entertainment, and business services industries also contributed to population
growth. In addition, large government and private investments in housing helped stabilize
neighborhoods which had showed signs of deterioration prior to 1980.
In the 1980s the highest increase in population in percentage terms occurred in Staten
Island, though growth was lower than that of previous decades. Staten Island has had the
lowest population base and the largest proportion of developable land. The highest
absolute increase in population among New York's boroughs occurred in Brooklyn. Manhattan
ranked second in percentage increase with a 4.1% gain and was third in absolute increase
with a gain of approximately 59,000 people.
The tables below describe the growth of population through time, and projected population
growth in New York City and its boroughs. The projections, from the New York State
Department of Economic Development, were based upon 1980 Census figures, and probably
overstate population growth. They have not been updated since 1991.
More highlights will appear in the future