Looks like Brooklyn is surviving the turbulent climate surprisingly well, according to a new report commissioned by the Brooklyn Chamber of Commerce. Job losses continue, but only at about half the city-wide rate, a figure resulting largely from recent growth in the retail sector.
Besides Brooklyn's employment advantage of hosting more recession-durable industries as health, education and social services, the retail boom has brought significant employment to the borough so that among the city's whopping projected 10,000 job losses, or 3.4%, Brooklyn should only see about 1,000, or 1.7%. Not that everything's coming up roses just over the bridge, as residents ourselves, we didn't need a study to tell us that personal incomes are down for the first time in 40 years.
However, with a $300 million chunk of stimulus moolah coming in for infrastructure, and another $722 million for residents in need, experts predict a steady comeback for BK.