Brooklyn's Progress
December 2007/January 2008

BY STEPHEN WITT

The good news is the Brooklyn economy continues to flourish while the borough unemployment rate is at its lowest level in 28 years. The bad news is home foreclosures increased 51 percent between June and July 2007, from 581 to 875.

These were just some of the raw numbers and data that State Comptroller Thomas DiNapoli released as the keynote speaker at the recent Brooklyn Chamber of Commerce annual meeting held at Stage 6 at Steiner Studios in the Brooklyn Navy Yard.

According to DiNapoli’s findings, 21,000 new jobs were added in the borough between 2003 and 2006 with the average salary increasing over this time period 3.8 percent to $37,215.
BROOKLYN EMPLOYS MORE THAN 460,000 PEOPLE

Total wages paid in the borough in 2006 grew to $17.1 billion, a 5.2 percent jump from 2005. At the same time, unemployment fell to 5.3 percent in 2006 — the lowest level since 1978.

DiNapoli’s report found about a third of all jobs in the borough come from the health services and education sectors, while 22 percent are in the trade, transportation and utilities sectors.  While the health services and education sectors are the largest employers these sectors showed almost no growth.

Conversely, the professional and business services sector along with the trade, transportation and utilities sectors showed the largest job growth.

In 2006 the Brooklyn population was 2,508,820, which is a decline of 0.1 percent following 16 years of population growth. The Comptroller’s snapshot attributed the population decrease to the September 11, 2001 terrorist attacks, which slowed immigration.

In 2006, the borough had about 950,000 foreign-born residents or 37.8 percent of the population – ranking it sixth highest of all counties nationwide. The largest immigrant population in the borough comes from Latin America (53%).

According to the U.S. Census Bureau, home ownership increased from 27.1 percent to 32.3 percent between 2000 and 2006.

At the same time, the city’s Department of Finance estimates that the value of single-family homes in Brooklyn rose at an average annual rate of 13.6 percent over the last eight years to $631,000. Comptroller DiNapoli found recent realtor reports show homes in some neighborhoods such as Brooklyn Heights are still experiencing strong price gains; others such as Bedford-Stuyvesant are seeing declines.
 
Rent prices have also risen with median monthly rents increasing at an average annual rate of 4.8 percent between 1999 and 2005 to about $800 a month.

To see the Comptroller’s full report visit the "What’s New" section at ibrooklyn.com.

NEW OFFICERS

State Comptroller Thomas P. DiNapoli was the keynote speaker at the 2007 Annual Membership Meeting and Luncheon, which drew 350 Chamber Members and supporters. Chamber Members were given a snapshot of the borough and even learned Comptroller DiNapoli is a son of Brooklyn who lived in Southern Brooklyn with his family as a child.

The event held at Steiner Studios at the Brooklyn Navy Yard included a packed trade show and the Chamber’s signature networking opportunities. The event was sponsored by HIP; Con Edison; Pfizer, Inc; Sovereign Bank; St. Joseph’s College and Verizon Communications.

Members gave a nod to Dan Holt, Courier-Life, Inc. who was voted in as Chairman of the Board of Directors for a fourth term. Also on for another term are Treasurer Fredric J. Hugue, Sovereign and Secretary Alvin Adelman, Cullen and Dykman LLP. The following vice chairs were voted in: 

   Denise Arbesu, Citibank, N.A.
   Lisa A. Bing, Bing Consulting Group, Inc.
   Philip R. DeVito, Chase
   Susan Doban, Susan Doban Architect PC
   Thomas A. Dunne, Verizon Communications
   Thomas Early, Health Plus
   William F. Edwards, National Grid US
   Bill Howell, Howell Industries
   Peter M. Meyer, Commerce Bank
   Tom Newell, Con Edison

For a full list of latest roster of Officers and Directors of the Brooklyn Chamber of Commerce and the Brooklyn Alliance please visit the "About Us" section at ibrooklyn.com.