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- In the aftermath of the Great Recession, the economy experienced the longest and strongest expansion since the 1950s (for further discussion, see the Office of the State Comptroller’s (OSC’s) 2017 report on the City’s office market).2 Office employment in the City grew steadily from 2009 to 2019 at an annualized rate of 2.0 percent, reaching an all-time peak of 1.6 million jobs.
www.osc.ny.gov/files/reports/osdc/pdf/report-11-2022.pdfThe Office Sector in New York City - Office of the New York ...
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City’s office market is 86 percent larger than Chicago’s, the next largest market.5 After a downturn during the Great Recession, total office space in the City grew by 8.9 percent between fiscal years 2010 and 2021 to reach a total of 479.5 million square feet according to DOF 6(see Figure 1). While there are office
Jun 26, 2017 · Comptroller Stringer’s analysis explores how New York City’s job market contracted during the Great Recession and subsequently expanded, and compares this data with national trends between 2008 and 2016.
Jun 26, 2017 · In this report, we examine the City’s experience in the Great Recession and the recovery, as measured by payroll job creation, and by how different segments of the City’s population and labor force have fared.
- Rise and Fall of The Housing Market
- Effects on The Financial Sector
- Effects on The Broader Economy
- Effects on Financial Regulation
The recession and crisis followed an extended period of expansion in US housing construction, home prices, and housing credit. This expansion began in the 1990s and continued unabated through the 2001 recession, accelerating in the mid-2000s. Average home prices in the United States more than doubled between 1998 and 2006, the sharpest increase rec...
After home prices peaked in the beginning of 2007, according to the Federal Housing Finance Agency House Price Index, the extent to which prices might eventually fall became a significant question for the pricing of mortgage-related securities because large declines in home prices were viewed as likely to lead to an increase in mortgage defaults an...
The housing sector led not only the financial crisis, but also the downturn in broader economic activity. Residential investment peaked in 2006, as did employment in residential construction. The overall economy peaked in December 2007, the month the National Bureau of Economic Research recognizes as the beginning of the recession. The decline in o...
When the financial market turmoil had subsided, attention naturally turned to reforms to the financial sector and its supervision and regulation, motivated by a desire to avoid similar events in the future. A number of measures have been proposed or put in place to reduce the risk of financial distress. For traditional banks, there are significant ...
The current slump in the city’s office market has been cited as having “record high” vacancy rates, which are indeed more severe than during the 2001 and 2008 recessions. But during the city’s early 1990s downturn, office vacancy rates exceeded current levels, surging above 17%, with rents off by more than 20%. [3]
Mar 3, 2001 · By contrast, women are more likely to work in the public sector and in occupations such as nursing, child care, and food preparation, which were less affected (at least initially) by the Great Recession and which benefited more from the stimulus spending (until the Spring of 2010), whose aim was to alleviate the impacts of the economic downturn.
