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.
(in millions of dollars)