By Forum Staff
Queens ranked among the top three places with the most Gross Domestic Product growth in New York, according to a new study by the financial data platform SmartAsset.
The analysis looked at the increase in the value of all goods and services produced within the county over a one-year time span, indicating the economy’s overall health and expansion. Manhattan took the top spot, followed by Brooklyn.
Overall, the study identified the places across the U.S. which are receiving the most incoming investment. The study measured investment in counties across three metrics: business establishment growth, GDP growth and new building permits.
Photo Courtesy of JFK International Airport
The study measured investment in counties across three metrics: business establishment growth, GDP growth and new building permits.
It looked at the change in the number of businesses established in each location over a three-year period. This shows whether or not people are starting new business ventures in the county.
The second factor analyzed was GDP growth. SmartAsset used real growth (inflation adjusted) in the local economy.
The Study also looked at investment and development in the local residential real estate market. To measure this real estate growth, SA calculated the number of new building permits per 1,000 homes.
SA also scored every county in our study on the above three factors, then combined those scores to create a final ranking of counties. With that ranking, SA created an index where the county with the most incoming investments was assigned a value of 100 and the county with the least investment activity received a zero.
