The worst of the recession may be over for New York, New Jersey and Pennsylvania, but it will be a long, slow climb back to prosperity for this region. At midyear, New York City had lost 98,100 jobs since June 2001 and was faced with an unemployment rate of 8 percent, according to a recent report published by the U.S. Department of Housing and Urban Development.
Much of this economic devastation can be attributed to the 9-11 attacks, but the Big Apple's business services sector was already slipping before the WTC tragedy. However, jobs are coming back to Manhattan. American Express is moving 4,000 employees back into its World Financial Center building from Jersey City, N.J.
New Jersey's suburban office market is still reeling from cutbacks at high-tech firms like Lucent and AT&T and from consolidation at the headquarters of the state's many pharmaceutical companies. Metropolitan Philadelphia's diverse economy has weathered the storm better than other parts of this region.
ELECTRICAL WHOLESALERS' SALES
(in millions of dollars) EW Estimates | | Final 1998 | Final 1999 | Final 2000 | Final 2001 | Forecast 2002 | Forecast 2003 |
---|
Middle Atlantic | 10,112.3 | 10,683.3 | 11,049.8 | 10,571.3 | 10,463.2 | 11,145.8 |
New Jersey | 2,775.0 | 2,962.9 | 3,064.6 | 2,931.9 | 2,901.9 | 3,091.2 |
New York | 4,087.0 | 4,418.6 | 4,570.2 | 4,372.3 | 4,327.6 | 4,609.9 |
Pennsylvania | 3,250.3 | 3,301.8 | 3,415.1 | 3,267.2 | 3,233.8 | 3,444.7 |
EMPLOYMENT STATISTICSActual EC | in thousands | | | M | F/S/RT | G |
---|
Middle Atlantic | 110,497 | 2,086.5 | 10,690.2 | 2,843.0 |
New Jersey | 26,609 | 427.0 | 2,309.1 | 615.9 |
Atlantic-Cape May PMSA | 1,227 | 5.5 | 143.6 | 31.8 |
Bergen-Passaic PMSA | 4,238 | 89.9 | 367.6 | 76.5 |
Camden | NA | 50.5 | 291.4 | 84.8 |
Jersey City PMSA | 978 | 23.1 | 139.3 | 38.6 |
Middlesex-Somerset-Hunterdon PMSA | 4,136 | 89.8 | 376.3 | 86.2 |
Monmouth-Ocean PMSA | 3,156 | 18.2 | 266.6 | 70.2 |
Newark PMSA | 9,202 | 119.0 | 566.8 | 147.5 |
Trenton PMSA | 735 | 16.8 | 127.2 | 61.1 |
Vineland-Millville-Bridgeton PMSA | 331 | 10.9 | 26.4 | 15.0 |
New York | 53,638 | 805.2 | 5,111.9 | 1,501.1 |
Albany-Schenectady-Troy MSA | 2,037 | 35.2 | 260.2 | 111.5 |
Binghamton MSA | 611 | 20.3 | 58.6 | 23.2 |
Buffalo-Niagara Falls MSA | 2,033 | 80.7 | 308.5 | 91.7 |
Dutchess County PMSA | 713 | 17.6 | 65.3 | 23.3 |
Elmira MSA | 226 | 7.6 | 22.0 | 7.6 |
Glens Falls MSA | 187 | 7.1 | 30.6 | 10.9 |
Nassau-Suffolk PMSA | 8,216 | 103.4 | 733.3 | 201.2 |
New York PMSA | NA | 270.4 | 2,671.2 | 653.5 |
New York City* | 24,211 | 221.6 | 2,341.6 | 561.2 |
Newburgh PMSA | 1,005 | 11.3 | 74.0 | 30.4 |
Rochester MSA | 3,033 | 101.9 | 297.0 | 86.0 |
Rockland County | 1,155 | 11.6 | 62.7 | 20.9 |
Syracuse MSA | 1,443 | 44.8 | 185.1 | 64.8 |
Utica-Rome MSA | 417 | 17.7 | 76.1 | 28.7 |
Westchester County | 3,385 | 35.2 | 253.1 | 66.1 |
Pennsylvania | 30,444 | 854.3 | 3,269.2 | 726.0 |
Allentown-Bethlehem-Easton MSA | 2,209 | 52.1 | 162.2 | 32.6 |
Altoona MSA | 356 | 9.4 | 31.4 | 8.6 |
Erie MSA | 695 | 30.3 | 73.9 | 15.2 |
Harrisburg-Lebanon-Carlisle MSA | 1,466 | 40.3 | 194.7 | 69.1 |
Johnstown MSA | 301 | 10.7 | 48.9 | 14.6 |
Lancaster MSA | 1,491 | 55.5 | 118.3 | 19.3 |
Philadelphia PMSA | 13,885 | 276.3 | 1,466.9 | 308.9 |
Philadelphia County | 1,062 | 50.9 | 446.8 | 119.3 |
Pittsburgh MSA | 6,690 | 132.8 | 692.1 | 124.0 |
Reading MSA | 1,138 | 39.5 | 88.1 | 19.9 |
Scranton-Hazelton-Wilkes-Barre MSA | 1,295 | 51.4 | 152.5 | 34.8 |
Sharon MSA | 222 | 10.4 | 27.8 | 5.9 |
State College MSA | 310 | 7.5 | 30.1 | 24.3 |
Williamsport MSA | 216 | 13.6 | 27.5 | 6.6 |
York MSA | 895 | 44.0 | 81.4 | 17.0 |
* (Bronx, Kings, New York, Queens & Richmond Counties) |