The Brooklyn Chamber of Commerce released the 2008 Brooklyn Labor Market Review this morning at a briefing held at the Brooklyn Public Library Central Library at Grand Army Plaza. The Review, done in partnership with the Fiscal Policy Institute (FPI), provides a snapshot of the Brooklyn labor market from 2001 – 2007, during which time the New York City economy experienced a severe downturn and subsequent expansion.

“Our research shows Brooklyn is capable of weathering an economic downturn because our jobs and businesses are not reliant upon a single industry. This is critical as we are experiencing what is likely to be a recession,” said Carl Hum, president of the Brooklyn Chamber of Commerce. “Brooklyn is a perfect example of the advantages of diversifying our economy.”

“This report provides a rare look at the borough-level where the average person and business can better relate to what’s going on within New York City’s vast, half trillion dollar economy,” said James Parrott, FPI’s chief economist.

During the 2001 – 2003 economic downturn, the City as a whole lost 186,000 or 6.1% of its total private sector jobs. Of those jobs, only 5,000 were jobs lost in Brooklyn, which means the borough lost only 1.1% of its total private sector jobs.

The Chamber and FPI project the city will lose an estimated 80,000 private sector jobs or 2.6% over the next year. Of this, Brooklyn’s share is 6,000 private sector jobs or 1.4% of its total private sector employment base. This round of job losses is based on the cooling of the housing market and sub-prime lending market crash; tapered growth in the health, education and social services sectors, which was prominent in 2001-2003; and, the expected contraction in the financial services market that has grown in Brooklyn.

Overall, this decade has been challenging for Brooklyn’s manufacturers – more than 16,800 jobs were lost. However niche manufacturers like printers, wood workers, specialty food and bakers have added jobs since 2001.

Finally, the Brooklyn retail sector also saw growth with more than 400 retail stores added between 2001 and 2007 for a total of 7,500 retail establishments that employ more than 57,000 people.

“The total personal income of Brooklyn residents has grown to over 75 billion dollars and while income growth will slow over the next year, the diversity of Brooklyn’s economy will help sustain retail spending,” said Mr. Parrott.

“The Brooklyn Labor Market Review and similar studies are critical. They help us identify issues and trends we need to focus on in order to create a healthier business environment in Brooklyn,” said Mr. Hum in closing.

Click here to download in PDF format the 2008 Brooklyn Labor Market Review.

Pictured above: James Parrott, chief economist for the Fiscal Policy Institute, addresses attendees at the Brooklyn Chamber's release of the 2008 Brooklyn Labor Market Review.