Brooklyn Now Has The City’s Fastest Growing Economy

Earlier today, we were proud to claim the title for Only Borough Where Graffiti Complaints Haven’t Gone Up. It was a weak victory for us, but a victory nonetheless.

Now, it seems that we were a bit premature in our celebration because we just came across something much, much better: According to a new report, Brooklyn is now home to the city’s fastest growing economy.

The news comes via Bloomberg: According to a report from the state comptroller’s office, between 2003 and 2012, jobs in the private sector grew by nearly 20 percent in Brooklyn compared to about 11 percent growth elsewhere in the city. The new jobs have put a noticeable dent in the borough’s unemployment rate, which hit a staggering 10.9 percent during the recession and now sits at 8.9 percent.

Of course, this news should be taken with a grain of salt. After all, much of the growth took place in “lower-paying industries” (i.e. manufacturing) and even though we’re thankful that these jobs are coming, they’re not paying nearly enough to keep up with Brooklyn’s skyrocketing housing costs.

As for the higher-paying industries, we all know the city is desperately trying to attract tech companies to the borough. That’s why Etsy recently received $5 million in tax credits to stay in the Brooklyn. Keeping Etsy local will mean 300 new tech jobs over the next five years.

“Business in Brooklyn is booming and people want to live there because of the borough’s economic opportunities, its diversity and its outstanding schools, museums and nightlife,” state comptroller Thomas DiNapoli said in statement about the news. “While Brooklyn faces challenges such as unemployment and the high cost of housing, the borough’s overall economy is flourishing and is poised to keep growing.”

Good to know.

Follow Nikita Richardson on Twitter @nikitarbk

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