The “Outlook on the Economy” was positive from an economist with the Federal Reserve Bank of New York, who delivered his annual presentation on Thursday, January 25, 2018, at Dominican College’s Fury Lecture Hall. Jason Bram, Research Officer, Regional Analysis Function, spoke about the latest economic indicators.
While the securities industry has long been the most important driving sector of the New York City economy, Bram said that something unexpected has happened since the recession. “That is that the city would have its strongest economic boom – really in recent history – with no help from Wall Street,” he said. While the securities industry is still a bigger industry in the city, technology is quickly gaining on it, said Bram. Since 2010, the number of technology jobs has doubled.
Bram also told the audience of business leaders and college administrators that:
- The US economy and labor market have gained some momentum.
- Manufacturing and housing have shown increased strength.
- The regional economy has fared well, with NYC continuing to lead.
- Home prices have picked up across much of the region.
Bram produces the regional Beige Book reports, and uses monthly business surveys to monitor and analyze current and emerging economic trends and issues of concern.