40 commercial leases results

The borough’s economy is continuing to move toward a service basis—health and trade are two service-related sectors that account for the bulk of the job increases in the borough over the last few years. Thus, Brooklyn’s economy has continued to become more locally-oriented (servicing the needs of its residents) rather than export-oriented (servicing the needs of customers outside of the region). This locally oriented economy was largely unaffected by the expansion and recession that occurred in the national and City economies in the late 1990s and early 2000s, which significantly affected export-oriented sectors such as financial activities and business and professional services. As a result, Brooklyn was relatively isolated from these economic events, sharing only moderately in the expansion of the late 1990s, but suffering less in the current downturn. Locally oriented jobs, however, generally pay less than manufacturing and export-oriented jobs and often do not provide health benefits. Overall, Brooklyn’s economy has shown improvement over the last few years as employment has remained stable, private sector wages have grown despite a Citywide decline, and public assistance rolls have decreased. Brooklyn’s population has continued to expand, primarily through an influx of immigrants. At the same time, crime rates have dramatically fallen and home values have surged. However, problems remain—poverty remains high, affordable housing is in tight supply, and transportation issues need to be addressed.