Manhattan Retail Snapshot Q4 2015
The New York City economy posted a strong fourth quarter after a sluggish third quarter 2015. Total employment increased approximately 41,000 jobs for the quarter, up sharply from 2,500 in the previous quarter. Overall, the City added 87.000 jobs in 2015, or 2.1%, 20 basis points above both the United States and New York State growth rate. This solid job growth continues to drive income up. In 2015, median household income was estimated to have increased 4.9% from a year earlier.Tourism remains an important driver of retail activity. In 2014, a record 56.4 million tourists visited NYC and NYC & Co. projects that 2015 saw more than 59 million visitors. This combination of rising employment and incomes along with record tourism has helped to boost retail sales in NYC at strong pace. Moody’s Analytics estimates that retail sales in NYC increased 4.6% in 2015 from the previous year down slightly from the 5.1% gain recorded in 2014.