New York City’s economy grew 3.3% in the second quarter – more than double the 1.5% growth rate in the same period last year, according to an analysis released on Wednesday by City Comptroller Scott Stringer. Last quarter’s rise was also greater than the 2.6% rate in the first quarter of 2017.
The city’s second-quarter growth rate also out-performed the national average of 2.6%.
“Since the Great Recession, our growth has outpaced other cities and states -- and New York City seems to be hitting its stride. From record-high job numbers, to more robust wages, to new investment, we’re seeing a stronger economy than at any time in recent memory,” Stringer said in a press release.
The quarterly financial report also found that the number of New Yorkers with jobs increased 87,200, the biggest gain in over 30 years. The report also noted that rising venture capital investment and leading economic indicators point to further growth ahead.
eleased every three months, the Comptroller’s Quarterly Economic Update tracks data on the city’s economic health and also places it into a national context.
The report includes data on economic growth, unemployment, average wages, business activity, real estate transactions, and other economic indicators.
“We must have an economy that delivers for everyone. Yet, the majority of jobs we’re creating are in low-wage industries -- and New Yorkers are still suffering from a crisis of affordability," Stringer said. "We have to ensure that the jobs we’re creating are good-paying ones, and as the uncertainty in Washington grows every day, we have to prepare now for whatever could come down the road.”
Moody's Investors Service rates the city's general obligation bonds Aa2, while S&P Global Ratings and Fitch Ratings assign AA ratings to the city’s GOs. All three agencies maintain stable outlooks on the credit.