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New York Economy Outpaced U.S. Growth in First Quarter

Aerial View of New York City
New leases on more than 9.4 million square feet of commercial real estate represented a 67 percent increase over last year. Photographer: Ron Antonelli/Bloomberg

May 28 (Bloomberg) -- New York City’s economy grew by almost 3 percent last quarter, outpacing the nation’s 0.1 percent expansion, Comptroller Scott Stringer said.

Job growth in the first three months of 2014 increased 1.9 percent, with most gains in education and health services, according to a report Stringer’s office released today. The number of residents with jobs rose by 31,200, the biggest first-quarter gain in 14 years.

Wall Street’s estimated tax payments climbed 16.3 percent, according to the report. City sales tax collections rose 4.4 percent, even during the stormy winter, according to the report. New leases on more than 9.4 million square feet of commercial real estate represented a 67 percent increase over last year.

“The economy is picking up in the Big Apple as unemployment falls and real estate heats up, which helps boost our tax revenue,” Stringer said in a release accompanying the report.

Increased tax revenue in a growing economy would help close projected budget shortfalls of $2.2 billion for fiscal 2016, $2 billion in 2017 and $3.2 billion in 2018.

To contact the reporter on this story: Henry Goldman in New York at hgoldman@bloomberg.net

To contact the editors responsible for this story: Stephen Merelman at smerelman@bloomberg.net Mark Schoifet, Mark Tannenbaum

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