Brooklyn's Progress
February/March 2006

By Harold Egeln

There's good news about the economic state of Brooklyn:  Businesses are growing and job numbers are climbing.

That was the upbeat report presented by New York State Comptroller Alan Hevesi and Independence Community Bank President and CEO Alan Fishman at the Brooklyn Chamber's Marketplace Breakfast and Economic Forum, moderated by Brooklyn Chamber President Kenneth Adams. The event was held at Bay Ridge Manor on Jan. 20.
 
“There were over 8,200 new jobs here in 2004 and the job growth rate in 2005 will exceed that of 2004," said Mr. Hevesi. “And, business growth is way up, seven percent, in 2004, the strongest gain in decades," he said, to the applause of the nearly 200 attendees seated at breakfast tables.

“This is a sign of the confidence in this borough, the leadership of Borough President Marty Markowitz and the businesses here today,” said Mr. Hevesi in his regional economic forecast to the Brooklyn Chamber.

“Over 80 percent of the respondents said their revenue in 2005 was greater than in 2004, that's extraordinary,” exclaimed Mr. Fishman, a former Brooklyn Chamber Chairman, citing the Brooklyn Chamber’s Fall 2005 survey.

Still More Work to be Done
However, both speakers tempered their remarks by adding there are problems yet to be solved.

“The price of space is skyrocketing here. That can make investment difficult," said Mr. Fishman, who is also Chairman of the Navy Yard Development Corporation. He said existing problems include the dwindling pool of qualified labor and the need to focus more on training programs in the areas of the borough where economic growth is slower.

Comptroller Hevesi stressed “the critical importance of fiscal reform,” to heal and improve the state's economy.

“Alan Hevesi is a great friend of Brooklyn,” said Brooklyn Chamber Chairman Dan Holt, Courier-Life Publications. “He's a fiscal conservative who has Brooklyn on the right track. More people are moving to Brooklyn to live and work.”

“We call on corporations to come to Brooklyn for markets, for sales, for business. This is the incubator,” said Brooklyn Borough President Marty Markowitz, despite suffering from laryngitis.

“We're really on a roll,” he added, calling for greater cooperation between Downtown Brooklyn and Downtown Manhattan to "bring them together" for increased business, culture and recreation.

Of the Brooklyn Chamber, Mr. Markowitz noted with praise, it is “…the largest chamber in the city. We know that New York City truly begins in Brooklyn.”

Both Mr. Adams and Mr. Holt, also Co-Publisher of Courier-Life, talked about the rising growth in Chamber membership and activity, from about 400 Members at the beginning of Mr. Adam’s tenure to about 1,300 today, reflecting Brooklyn's economic dynamism.

The event also included an energetic trade show with 24 exhibitors displaying their products and services.  The event was sponsored by Verizon Communications and Pfizer Inc.