The growth in New York City's economy slowed to 1.8% in the fourth quarter from 2.8% in the third quarter, according to a report released Wednesday by city comptroller Scott Stringer.
It was the lowest rate of growth since 2014, according to the
"Last August I reported the economy had gone from a sprint to a jog. Now, New York City's economy has slowed to a walk," Stringer said. "After years of steady growth, we're beginning to see real signs of an economic slowdown."
The report looked at rising unemployment, lackluster wage growth, declining commercial leasing activity, and continued declines in venture capital investments.
"From flat wage growth, to an uptick in unemployment, to declining venture capital investments, there are causes for concern and we need to be prepared," Stringer said. "The economy's still growing, but we have to make smart choices now so we are prepared in case tougher times arrive."
The comptroller's report comes as the city faces uncertainty around funding cuts from Washington.
For all of 2016, the city's economy expanded 2.9%, slower than the of 3.3% rise seen in 2015. However, the city outpaced the nation's expansion last year, with U.S. GDP rising at a rate of 1.6% for all of 2016.
The city's fourth quarter growth of 1.8% almost matched national growth of 1.9% in that period.
