Stringer: N.Y. City Economy Weathered Stormy Winter

New York City's economy grew almost 3% while the country's economic growth was a sluggish 0.1% percent in the first quarter of 2014, New York City Comptroller Scott Stringer said in his first quarterly update on the city's vital economic statistics.

In total, the city's real gross city product made up 4% of the entire country's economic output, Stringer said in a May 29 report.

"We're taking a comprehensive look at the numbers behind how our city works and lives," said Stringer, who took office in January. "Time will tell if this momentum will be carried through the rest of 2014."

The "New York City Quarterly Update" examines several economic indicators such as GCP, job growth, wage growth, unemployment rates, inflation, commercial real estate vacancy and rental rates, residential real estate sales, hotel occupancy rates and public transit ridership.

Stringer cited better conditions on Wall Street, evidenced by a 16.3% increase in estimated tax payments; a 4.4% growth in sales tax collections during the harsh winter, compared with 1.1% statewide; and a 1.5% rise in subway ridership while bus ridership dropped 5.4%.

One day earlier, state Comptroller Thomas DiNapoli said Brooklyn's economy is expanding, adding jobs and businesses at a faster pace than the other boroughs between 2003 and 2012, including the first increase in manufacturing jobs in 2012 after decades of losses.

Moody's Investors Service rates the city's general obligation bonds Aa2. Fitch Ratings and Standard & Poor's rate them AA.