New York City's economy avoided the first-quarter stall that has affected the national economy in four of the past six years, said city Comptroller Scott Stringer.
"For two years in a row, New York City's economy accelerated as the nation's economy paused in the first quarter," said Stringer, who
For the second consecutive year in the first quarter, the real gross city product rose at a significantly faster rate than the country's. The estimated annual rate of 3.5% far outpaced the 0.2% national growth, according to Stringer, who referenced strong venture capital and labor markets and falling vacancy rates in Manhattan commercial real estate.
Venture capital investment in the New York metro area rose 45.2% on a year-over-year basis to about $1.4 billion, the highest first-quarter level in 14 years. Stringer said 10.4% of all venture capital investment in the country was in the New York metro area, an increase of 1.4 percent since first quarter 2014.
New York City Transit ridership rose 0.4% in January and February of on a year-over-year basis as subway ridership rose 0.7% and bus ridership fell 0.3 percent. New York City Transit is a unit of the Metropolitan Transportation Authority.
Higher ridership typically reflects an increase in the city's economic activities and employment.
