News
A Reason To Like Tourists
October 12, 2010
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| They may take up precious sidewalk space, but over the past year, measurable employment gains in tourism and health services helped push private-sector payrolls into positive territory—the first time since the collapse of Lehman Brothers, reports Marcus & Millichap in its Q3 retail report. The increased tourism activity, it notes, has continued to drive up retail sales. There was a 3% growth in the number of passengers at metro airports, which has markedly improved hotel room rates and occupancies. It expects retail sales growth to persist, and for accommodations, food, and retail employers to add to the 8,000 jobs already created. Fifth Avenue, Williamsburg’s Bedford Avenue, Long Island City’s waterfront, and the Bronx’s Grand Concourse were noted as particular market leaders. Overall, rapid expansion of the local work force will position NYC as one of the top markets for job creation this year. |
