JFK Airport will continue to play a major role in the Queens economy, state Comptroller Thomas DiNapoli said. File Photo
It has not been an easy several years for Queens.
With the Great Recession came foreclosures that have devastated portions of the borough, small, locally-owned businesses have had to fight to stay open in the face of a plummeting economy, and Hurricane Sandy wreaked unforeseen financial havoc.
But, according to state Comptroller Thomas DiNapoli, that bleak picture has come to an end, and the county is on the rebound.
DiNapoli, who joined borough legislators at Silvercup Studios in Long Island City last Friday, spoke about the Queens economy, saying employment has skyrocketed over the past two years, with the number of private sector jobs nearly reaching the 500,000 mark.
“Queens is a class New York success story that is well positioned for the future,” DiNapoli said. “Superstorm Sandy impacted thousands of Queens residents, but the borough is on the recovery path. With a strong economy, a fast growing and diverse population, and several large projects on the horizon, Queens is booming.”
In 2012, private sector employment in the borough reached 486,160 jobs – the highest level on record. Queens boasts the highest level of employment among the boroughs outside of Manhattan – and accounts for about 15.1 percent of all private sector jobs in the entire city. Additionally, despite the recession, Queens’ private sector employment grew by 6.6 percent from 2010 to 2012 – a rate faster than any other borough, including Manhattan.
Health care and social assistance is the largest employment sector in the borough, followed by transportation and warehousing and retail trade, according to the comptroller’s office.
“These numbers show that Queens has weathered the worst of the storm,” Borough President-elect Melinda Katz said. “With nearly half a million Queens workers fueling growth and innovation in the private sector, our borough has moved past the Great Recession that gripped the entire country in recent years.”
Still, despite the growth, DiNapoli and other legislators stressed the importance of protecting the borough from future natural disasters: Never again do residents and business owners want to face the kind of utter destruction that occurred during Sandy.
The hurricane damaged or destroyed about 53,000 homes in South Queens, and more than 2,000 businesses and nonprofits employing nearly 15,000 people were affected by the storm. In light of this, legislators said it is crucial to address how the government can help to mitigate the effects of future storms.
Major employers in the borough, including John F. Kennedy and LaGuardia airports, will continue to play major roles in Queens’ economy, DiNapoli said. The two airports – the only ones in the city – contribute more than $40 billion in regional economic impact, and passenger traffic has increased at both sites. JFK handled about 49.3 million passengers in 2012 – which was a whopping 55 percent higher than in 2003.
Film and television production have also grown in the borough, with Silvercup Studios – home to such shows as HBO’s “Girls” and CBS’s “Person of Interest” – now being the largest studio space in the city. Kaufman Astoria Studios, which has long been home to “Sesame Street” and has recently been where “Nurse Jackie” and “Men in Black III” were filmed, too boasts a large space – including the city’s only outdoor movie set.
The retail sector accounted for the greatest number of businesses – 7,269 – in Queens in 2011, the most recent data available. Unemployment is lower in Queens than the rest of the city, with the rate hovering around 8.3 percent, compared to 9.2 percent citywide in 2012. In the first eight months of 2013, the unemployment rate in the borough dropped to about 7.8 percent.
“Superstorm Sandy was devastating, but we have rebounded quite well, setting a record for private sector jobs,” said Queens Economic Development Corporation Executive Director Seth Bornstein. “The aviation, film, retail, real estate, and hospitality industries are booming in Queens, and we hope to have a tremendous summer as we hold various celebrations throughout the borough to mark the 75th and 50th anniversaries of the 1939 and 1964 World’s Fairs.”
By Anna Gustafson
