Elected officials, community leaders and the media gathered at Polytechnic University today for the release of the 2006 Brooklyn Labor Market Review. The study, conducted by the Brooklyn Chamber of Commerce, highlights the recent economic and employment trends in the borough.  Click here to download a PDF version of the report.

“This study is a helpful resource for everyone interested in the economic development of Brooklyn,” said Kenneth Adams, President, Brooklyn Chamber of Commerce. “Not only does the report tell us what is happening in the Brooklyn economy, but it also gives us an idea of what we should do to strengthen Brooklyn’s job base.”

The study, which features a special analysis of the retail sector, reveals that despite being the most populous borough, Brooklyn only employs 20% of the citywide retail labor market while Manhattan has managed to capture 47.6% of New York City’s retail employees. This underscores the unique relationship between Brooklyn and Manhattan. 

But, while Brooklyn is severely “under-retailed,” with only 6 square feet of retail space per capita, the Chamber study suggests the potential exists for 17 square feet of retail per capita. This is a positive indicator for the business community as it spells opportunities for future market-driven, private sector development.

“The data puts numbers to what we’re hearing anecdotally. From a high volume of construction projects to the potential for retail development Brooklyn is in an exciting stage of development,” said Rebecca Busansky, author of the report. “Although there is a lot to be excited about, there are some things we need to look at carefully; like the number of local construction jobs when compared to the amount of construction projects in the borough.” 

In fact, construction in the borough is seeing significant growth. Brooklyn is outpacing Manhattan in the number of new residential construction projects and the number of permits issued for the building of residential units. Yet, the borough has not benefited from a corresponding jump in local construction employment. The data shows there are an estimated 23,000 construction jobs in Brooklyn while there are more than 40,000 in Queens.

The Brooklyn Chamber study also indicates that, in general, Brooklyn wages are keeping pace with inflation, but still remain below the New York City average. The borough’s monthly unemployment rate declined steadily over the past year, reaching a low of 5.5% in April compared to 6.0% a year ago.  In addition, the annual unemployment rate decreased in 2005 to a low of 6.2%.

For more information about the Brooklyn Labor Market Review, please contact Leticia Theodore, Vice President, Communications & Government Affairs at 718-875-1000 ext. 115, or at ltheodore@brooklynchamber.com.