Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

Are Immigrants New York City's Secret Weapon?


Economic Trends

ARE IMMIGRANTS NEW YORK CITY'S SECRET WEAPON?

It is no great secret that many of the nation's cities are in dire straits. Adding to the long list of woes is a glut of empty office buildings. New York City is no exception, but according to Therese E. Byrne and David Shulman, analysts at Salomon Brothers Inc., the turn in New York City's fortunes is within sight.

They forecast that New York's office-vacancy rate could climb from a current 16.9% to nearly 19% by 1993 as the city continues to shed jobs--but then, its economy will revive as the layoffs taper off and the city's traditional wellsprings of strength emerge. And the commercial office market won't be far behind.

Entrepreneurial immigrants will jump-start the local economy, as they have done so many times before, argue Byrne and Shulman. From 1984 to 1989, more than half a million immigrants settled in New York, about two-thirds of them from the Caribbean and Asia. Many of these immigrants are starting small businesses, a good number in the export and import trade. And other immigrants are successfully entering the work force, says Byrne.

Moreover, New York will keep its position as a gateway to the world economy. After all, it is cheaper for global companies to operate in New York than London, Tokyo, or Paris. And many foreign corporations, especially in the financial-services area, still find New York attractive. Indeed, many financial-services companies show little inclination to move their more creative, higher-paid people elsewhere. New York, say Byrne and Shulman, will "retain its title as a global financial capital--despite a current downsizing of the financial-services industry--supported as it is by a vast global and domestic base of business."CHRISTOPHER FARRELL


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus