City Posted Strong Economic Growth, Report Shows
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New York City’s metropolitan area posted strong gains in an annual ranking of the economic performances of major American cities.
Thanks to a construction boom in recent years, New York climbed 63 spots to place 85th in the ranking, which was compiled by the Milken Institute, an economic think tank. The study measured a city’s five-year and one-year growth in jobs and wages, and also took into account GDP growth.
New York finished seventh among the top-10 biggest metropolitan areas, up from ninth place a year ago.
The Provo-Orem area in Utah came in first place, followed by Raleigh-Cary in North Carolina.
A thriving construction industry, at least up until last year, helped New York stave “off the slump that has affected the rest of the country,” the report said.
“However, continued pressure on major financial institutions is now becoming apparent in the New York metro area; many firms in the financial sector and in support activities are trimming payrolls in 2008 due to the fallout from the subprime crisis,” according to the report.
