New York City sees new job creation and a better housing market in June 2012
In New York City, job creation is sparking recovery that may provide current and future residents with new work opportunities. This employment uptick might also affect real estate in New York, NY, as more people may want to relocate to the city for work.
At the end of June 2012, total employment in all five boroughs hit 3.87 million, which is an increase of 2.9 percent from January 2012, according to Crain's New York Business. The expansion rate is slightly above the 22-year average of 2 percent for the first half of the year.
With job creation occurring citywide, it may be worthwhile to look at the communities that feature the highest gains in commercial-property deals and condo sales. Northern Manhattan and Brooklyn are leading the city in sales with many of these neighborhoods seeing significant profits. Sales of properties in upper Manhattan - above 96th Street on the east side and 110th Street on the west - reached $441 million in the first half of 2012, Bloomberg reports. This metric is triple the number for the same period in 2011.
Homebuyers who want to move to New York City for work might be presented with many new opportunities, and these people may want to move to Upper Manhattan, where property is hot.